A health care executive bought a 129-unit apartment complex in Kendall for $28.3 million.
Rudy Rodriguez-Duret bought the Sunset Apartments complex at 8951 Sunset Drive in an unincorporated area of Miami-Dade County, according to the buyer’s news release. The deal breaks down to nearly $219,000 per apartment.
The seller is Arpledge, an entity led by Jonathan S. Jennings, according to records.
Michael Fay and John Crotty of Avison Young represented the seller.
Completed in 1970, Sunset Apartments consists of a pair of three-story buildings on a 3.6-acre site, property records show. It has 62 one-bedroom units and 67 two-bedroom units, according to Rodriguez-Duret’s news release.
This is the first time Sunset Apartments has traded since it was built.
Rodriguez-Duret is founder and executive chairman of Miami-based Centrum Health, a network of primary care providers in Florida and Texas.
South Florida multifamily investment sales have picked up in recent months, despite elevated interest rates and other headwinds.
In West Miami, Waterton sold the 427-unit District West Gables complex at 2001 and 2101 Ludlam Road/Southwest 67th Avenue for $111 million last month, marking a 4.7 percent discount from its purchase price nearly a decade ago.
Also last month, Related Fund Management paid $116.9 million for the 292-unit Aura Delray Beach apartment complex at 2095 West Atlantic Avenue in Delray Beach. And Property Reserve, which invests The Church of Jesus Christ of Latter-day Saints’ reserve funds into commercial real estate, paid $152.5 million last month for the 384-unit Del Ola apartment complex at 7801 North Federal Highway in Boca Raton.
The Milestone Group paid $46.4 million last month for the 206-unit Casa Brera at Toscana Isles at 4725 Via Bari in unincorporated Palm Beach County, near Boynton Beach. And Spanish billionaire Amancio Ortega paid $165 million for the 44-story, 259-unit Veneto Las Olas apartment tower at 201 South Federal Highway in Fort Lauderdale in June.