Pantzer Properties continues to bet big on South Florida’s multifamily market.
Pantzer bought The Boulevard, a newly built apartment building at 5700 Biscayne Boulevard in Miami’s MiMo Biscayne Boulevard Historic District, for $175 million, according to sources. No deed was recorded, meaning the deal may have closed through a transfer of the property’s ownership entity.
Pantzer, through an affiliate, took out a $110.4 million loan on the property from an affiliate of KKR, according to a mortgage record.
The trade of the 282-unit building breaks down to $620,600 per apartment.
Robert Given led a Cushman & Wakefield team that listed the property.
The deal comes as the property’s sellers, Arnaud Karsenti’s 13th Floor Investments and Ben Mandell’s Tricera Capital, recently completed the eight-story building. 13th Floor took the lead on the apartments portion, and Tricera took the lead on developing the roughly 30,000 square feet of retail in the property.
Greenwich, Connecticut-based Wexford Capital was also a partner on the project.
Units range from studios to three-bedroom apartments, with monthly rents from $2,415 to $5,510, according to Apartments.com.
13th Floor and Tricera, both based in Miami, had paid $19.5 million for the 2.3-acre site in 2017.
The Boulevard is the only new multifamily project facing Biscayne Boulevard in the historic district, which stretches from roughly Northeast 50th Street to Northeast 77th Street. The building was designed with a nod to MiMo (Miami Modern) architecture in the neighborhood, as it includes circular cutouts in parts of the building.
Pantzer did not return a request for comment.
The New York-based firm is a multifamily owner-operator with a portfolio of more than 10,000 units across 35 properties on the East Coast, according to its website. It’s led by Jason and Jordan Pantzer.
In South Florida, Pantzer has focused largely on Palm Beach County since last year. It paid $145 million for a pair of newly built properties, The District Flats at 1701 Clare Avenue in West Palm Beach, and The Point at Palm Beach Gardens at 2100 PGA Boulevard in Palm Beach Gardens. The deals closed this spring.
In May of last year, Pantzer bought The Point at Southern Blvd at 10900 and 11020 Town Circle in Royal Palm Beach for $119.4 million.
Pantzer’s wager on South Florida multifamily comes as the market has prospered because of an influx of out-of-state residents to South Florida over the past two years. Although the pace of rent hikes has slowed, rates still are increasing. In September, the tri-county region’s rents jumped 13 percent, year-over-year, to $2,590, according to Realtor.com.
Air Communities, a spinoff from Aimco, also is spending big bucks here. It bought The District at Flagler Village at 555 Northeast Eighth Street in Fort Lauderdale for $173 million in the third quarter, and has Southgate Towers at 900 West Avenue in South Beach under contract for $298 million.