South Florida multifamily landlords felt the sting from elevated expenses this year.
Case in point: The top deal was a $235 million purchase of a Boca Raton apartment building out of bankruptcy proceedings. The seller had put the building into Chapter 11 reorganization, avoiding an impending foreclosure auction from the lender over a $145 million loan.
No other deal in this year’s ranking broke $200 million in value.
South Florida has a reputation as a healthier apartment market than other parts of the U.S. due to the tri-county region becoming a magnet for out-of-staters during the first three years of the pandemic. This created unprecedented demand, record rent growth, and hefty development and investment sales activity.
But South Florida also felt the pinch of economic headwinds in recent years. The Sunshine State is battered by expensive insurance, despite some stabilization in the market in the past year.
Meanwhile, higher interest rates made refinancings harder. After the Federal Reserve imposed 11 aggressive benchmark interest rate increases in 2022 and 2023, it cut the rate six times this year and last.
On the leasing side, hefty apartment completions in South Florida created a supply overhang, slower lease-ups and increased concessions over the past year. Average rental rates across the region decreased 2.7 percent in November from November 2024, according to Realtor.com.
Some buyers still in the multifamily investment game turned to Freddie Mac and Fannie Mae loans, or debt from insurance companies, which generally have more favorable terms. Others assumed sellers’ existing loans on apartment properties or closed all-cash deals. Some buyers relied on fully funded discretionary funds, which allow for lower debt leverage.
Here are South Florida’s top 10 multifamily deals for 2025.
Grant Cardone takes the lead — again
Social media personality Grant Cardone, who also is a multifamily syndicator and proffers his 10X platform as a way for companies to supercharge their businesses, partnered with the seller of the distressed 101 Via Mizner to purchase the asset out of bankruptcy.
The deal saved Penn-Florida Companies, which had developed 101 Via Mizner and was facing foreclosure from its lender, from losing the building.
In July, the bankruptcy court approved for Cardone’s Aventura-based Cardone Capital and Boca Raton-based Penn-Florida to purchase 101 Via Mizner for $235 million. The 14-story, 366-unit building is at 101 East Camino Real in Boca Raton. The price broke down to $642,077 per apartment.
Under the deal, Cardone Capital was responsible for $220 million, and Penn-Florida for $15 million of the price. The joint venture plans to convert the building into condos, projecting roughly $400 million in total unit sales.
Led by Mark Gensheimer, Penn-Florida completed 101 Via Mizner in 2016 and filed for Chapter 11 reorganization in January, staving off a foreclosure auction. Lender Blackstone Mortgage Trust previously had filed for a Uniform Commercial Code foreclosure for a $145 million loan.
Cardone’s headline-grabbing multifamily deals also landed him the top spot in The Real Deal South Florida’s rankings last year and in 2021.
Funds affiliated with Cardone Capital paid more than $500 million in cash for three Broward County apartment properties last year. They are the 382-unit Manor at Flagler Village building in Fort Lauderdale’s Flagler Village neighborhood; the 332-unit Edge at Flagler Village building, also in Flagler Village; and the 468-unit Laurels at Jacaranda complex in Plantation.
In 2021, Cardone bought a four-property portfolio with 1,688 apartments in Broward County’s Fort Lauderdale, Sunrise and Weston for $744 million, or $441,000 per apartment.
Let’s circle back
TA Realty bought a Palm Beach Gardens complex it previously owned.
The Boston-based firm paid $193 million for the 476-unit San Merano at Mirasol Apartments, consisting of 31 two-story buildings on a 31-acre site at 100 Portofino Drive, in October. TA Realty assumed the existing $108.5 million Freddie Mac loan on the property from the seller, New York-based Blackstone.
The purchase price equated to $405,462 per apartment.
Developer Kolter completed San Merano at Mirasol in 2002 and 2003, selling it to TA Realty in 2010 for $69.1 million, according to records. TA Realty sold it to Blackstone in 2017 for $103.6 million.
TA is led by managing partners James Buckingham, Michael Haggerty and James Raisides.
Favo’s all-stock, liabilities assumption deal in Hollywood
Private credit firm Favo Capital bought the 1818 Park apartment tower facing Young Circle in Hollywood for $190 million.
Lauderhill-based Favo, led by Vincent Napolitano, purchased the 22-story, 277-unit building at 1818 Hollywood Boulevard in an all-stock and assumption of liabilities deal in August.
Seller GCF Development, which completed 1818 Park in 2022, received a long-term equity stake in Favo as part of the deal. Hollywood-based GCF Development is led by Charles “Chip” Abele.
The purchase price broke down to $696,000 per unit.
Dermot Company cashes out of Boynton Beach complex
Investment manager IMT Capital bought a 456-unit apartment complex in Boynton Beach for $183.5 million.
New York-based Dermot Company sold the apartment complex and townhome rental community at 3501 and 3373 North Federal Highway to Sherman Oaks, California-based IMT Capital. The deal, which closed last month, included a 1.4-acre vacant site at 3456 and 3466 Old Dixie Highway, between the townhome community and apartment community.
The purchase broke down to $402,400 per unit.
IMT Capital took out a $119.3 million Fannie Mae loan for the purchase. Andrew Wizenberg is managing director at IMT Capital.
Previously called The Seabourn, the complex was renamed IMT Gulfstream.
Dermot, led by Stephen Benjamin, paid $143 million for the property in 2021.
Billionaire Zara founder invests in Fort Lauderdale
Spanish billionaire Amancio Ortega bought the 259-unit Veneto Las Olas apartment tower in downtown Fort Lauderdale for $165 million. The deal was part of Ortega’s global shopping spree this year.
Ortega, through his family office Ponte Gadea, purchased the 44-story Veneto at 201 South Federal Highway in June. The seller, the Pérez family’s Related Group, completed development of the tower last year.
The deal equated to $637,100 per unit.
Ortega, best known as the founder of fast fashion retailers Zara and Bershka, for decades has been investing dividends from his Inditex clothing empire into all-cash real estate purchases. His shopping spree this year coincided with hefty dividends from his retail businesses, meaning his property investments shielded some of his earnings from Spain’s high wealth tax.
Also this year in South Florida, Ortega paid $274.4 million for the 30-story Sabadell Financial Center office tower in Miami’s Brickell, and about $110 million for the Atlas Plaza retail property in the Miami Design District.
Pantzer family invests in Miramar
Pantzer Properties paid $161 million for a 393-unit apartment building in Miramar last month, shortly after the New York-based family owned firm closed its $1 billion Panco Strategic Real Estate Fund VI that will target multifamily properties on the East Coast.
Panzter paid $409,700 per unit for the eight-story building at 1-3 Main Street, and borrowed a $102.4 million Fannie Mae loan for the purchase. Pantzer renamed the building The Point at Miramar.
The sellers, Boston-based Rockpoint and the Pérez family’s Coconut Grove-based Related Group, completed the building last year.
Church’s investment arm picks up Boca Raton complex
The Church of Jesus Christ of Latter-day Saints picked up a Boca Raton complex for $152.5 million.
In August, Property Reserve, which invests the church’s reserve funds in commercial real estate, bought the 384-unit Del Ola at 7801 North Federal Highway from New York-based Clarion Partners. The purchase broke down to $397,000 per apartment.
It marks at least the fourth real estate purchase by Property Reserve in South Florida since 2023. Led by Ashley Powell, Property Reserve owns the 1.3 million-square-foot Beacon Logistics Park in Hialeah, after buying it in several deals. It also owns the 315-unit Ellsworth apartment building in Plantation and the 284-unit Elan Polo Gardens in unincorporated Palm Beach County.
The deal activity comes as The Church of Jesus Christ of Latter-day Saints has faced criticism in past years over its massive real estate holdings, construction of grandiose temples and opaque financials, partly allowed by limited public disclosure requirements.
TA Realty kicked off year in Pembroke Pines
In January, TA Realty paid $118 million for the Pines West apartment complex in Pembroke Pines.
The purchase of the 300-unit property at 16700 Sheridan Street broke down to $393,300 per apartment. Greensboro, North Carolina-based Bell Partners sold Pines West, after it had paid $91.8 million for the complex in 2018.
West Shore invests in Palm Beach Gardens
Boston-based West Shore picked up a 542-unit apartment complex in Palm Beach Gardens for $117.9 million last month, or $217,500 per apartment.
West Shore bought Palm Beach Gardens Apartments at 4120 Union Square Boulevard from Aventura-based Advenir. Completed in 1970 and 1971, the complex consists of 34 two-story rental buildings on 21.5 acres.
Advenir paid $97.3 million for the property in 2018.
Related Fund Management buys in Delray Beach
Related Fund Management, the investment management arm of New York-based Related Companies, bought a 292-unit complex in Delray Beach for $116.9 million, or $400,000 per apartment.
Dallas-based Trinsic Residential Group sold the Mira Delray complex at 2095 West Atlantic Avenue to Related Fund Management in August. The buyer took out a $59.1 million Freddie Mac loan for the purchase.
Trinsic completed development of the complex in 2023.
Source(s): TRD analysis of deals submitted by Colliers and CoStar.
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