Blackstone sold an apartment complex in Margate for $93 million.
The New York-based firm’s real estate arm sold the 394-unit Pinebrook Pointe at 3495 Pinewalk Drive to an affiliate of Coral Gables-based Bar Invest Group, according to records and real estate database Vizzda. Bar Invest took out a $50 million loan from BankUnited for the purchase.
The sale breaks down to $236,041 per apartment.
Completed in 1988, Pinebrook Pointe consists of 45 two-story and three-story buildings on 33 acres, according to Vizzda.
Blackstone had paid $69.9 million for the complex in 2017, also taking out a $140.4 million loan at the time, cross-collateralized among this and 10 other properties, according to records. The lender on the debt, which has increased to $227.5 million, released Blackstone from the Pinebrook Pointe portion of the mortgage at the time of this sale, according to records.
Pinebrook Pointe offers one- and two-bedroom apartments, with monthly rents from $1,390 to $4,891, according to Apartments.com. The complex is 95 percent occupied, the South Florida Business Journal reported.
Bar Invest is led by the Barbera family, with CEO Herve Barbera, according to its website. The firm’s portfolio consists of more than 3,500 apartments and over 2 million square feet of retail.
Bar Invest has been a frequent player in South Florida’s multifamily market. In 2020, the firm bought the Visions at Willow Pond complex at 4860 Sand Stone Lane in West Palm Beach for $56.2 million. That came on the heels of Bar Invest’s $58 million sale of the Cielo Point apartment complex at 6701 West Oakland Park Boulevard in Fort Lauderdale.
The Pinebrook Pointe deal comes amid an uptick of multifamily investment sales this year. Deal activity was muted early this year largely due to elevated interest rates, but purchases started flowing this summer.
At $93 million, the Pinebrook Pointe sale ranks as the ninth biggest South Florida multifamily deal this year, according to The Real Deal’s review of data provided by Colliers and Cushman & Wakefield.
Margate has been largely devoid of multifamily sales this year, though it scored some activity last year when Covenant Capital Group bought the Cirq 5100 complex at 5100 West Sample Road for $60.9 million.
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