search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsPrivee Capital plans 12-unit waterfront condo in North BeachPrivee Capital plans 12-unit waterfront condo in North Beach“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loan
South Florida

New York firm drops $79M on Davie apartments

Elan 33 West
Elan 33 West

A New York investor picked up Davie’s Elan 33 West apartments in one of South Florida’s most expensive multifamily trades of 2014, The Real Deal has learned.

AVR Realty Company LLC of Yonkers paid about $79 million for the 6300 Southwest 24th Place apartment complex in a transaction recorded on Thursday, according to Broward County records. AVR obtained a $51.2 million loan from CBRE Capital Markets for the acquisition. The mortgage matures in August 2024.

Sign Up for the undefined Newsletter

CRP-GREP College Crossings of Houston sold the 376-unit community to AVR. The company, which is tied to Greystar Real Estate Partners, paid about $10 million for the land in June 2012 and finished construction of Elan 33 West last year.

The Elan 33 transaction is the priciest involving a Broward County apartment complex in 2014. At $79 million, the deal falls just short of the $80.5 million sale of the San Marco at Broken Sound community in Boca Raton as the most expensive in South Florida this year. That sale was recorded last month.

Tags
Davie