South Florida’s biggest multifamily deals in July

South Florida’s multifamily market continued have another strong month in July. While condo sales are starting to slow in some parts of the tri-county, demand for apartment properties has only seemed to increase. Interest seems to be particularly strong in areas outside the major metro areas in places such as Lake Worth. The growing demand for these properties could be driven in part by South Florida’s lack of affordable housing, which has forced people to look further and further away to find somewhere to live.

American Landmark and RSE Capital’s– Park Colony Apartments | $56 million

American Landmark and RSE Capital’s $56 million purchase of a multifamily complex in Hollywood marked the largest South Florida multifamily sale in July.

American Landmark bought the property from Delavaco Group, who kept a 20 percent stake in the property at 812 South Park Road. The complex is known as the Park Colony Apartments.

The 316-unit, nearly 13-acre property sold for about $177,215 per unit.

A Delavaco affiliate initially purchased the complex in 2013 for $41.5 million. American Landmark has made at least four acquisitions in South Florida in 2018.

Ronald Meyerson with Cedano Realty Advisors and UrbaniZa Realty’s Ray Jourdain represented the buyer. The seller was represented by Dallas Wharton of Dalmar Real Estate Group.

The Park Colony Apartments were built in 1987. The complex features up to three-bedroom apartments with rents averaging $1,450 a month, according to Jourdain.

The joint venture plans to rename the community “The EnV.”

RAIA Capital Management–Casa Brera at Toscana Isles | $44.4M

Priderock Capital Partners sold a 206-unit apartment complex near Lake Worth to RAIA Capital Management for $44.4 million.

The complex, known as Casa Brera at Toscana Isles, is just off Hypoluxo Road in unincorporated Palm Beach County at 4725 Via Bari.

West Palm Beach-based Priderock sold the property for about $216,000 per unit, property records show.

Casa Brera at Toscana Isles, built in 2013. Priderock paid $31.1 million, or about $151,000 per unit, for the 12.2-acre complex in 2015.

RAIA Capital Management’s portfolio includes about 3,000 Class A apartments in Alabama, Florida, Missouri, South Carolina and Tennessee, according to its website.

Priderock, managed by George Banks and David Khoury, owns and manages over 12,000 units in 16 states. Last April, Priderock bought West Isle Club Apartments in Key West for $56.8 million from Mast Capital and Rockpoint Group.

One Real Estate Investment– Oakwood Apartments | $25.6 million

Naya USA Investment & Management sold an apartment complex in Lake Worth for twice what it paid for the property four years ago.

The Hollywood-based company sold the 160-unit, 200,000-square-foot development at 2425 Second North Avenue for $25.6 million, about two times the $12.9 million that Naya paid for the property in 2014. One Real Estate Investment, led by Jeronimo Hirschfeld, bought the complex, known as Oakwood Apartments.

One Real Estate paid about $160,000 per unit. The complex, built in 1993, is near Palm Beach College. It’s 96 percent occupied, Hirschfeld, chairman and CEO, said. The apartments are all four-bedrooms and each rent for about $1,500.

Tal Frydman, Yoav Yuhjtman, Nicholas Perrone of Berkadia represented the seller, according to a press release. Berkadia’s Brad Williamson and Jared Hill also arranged a $19.23 million seven-year, fixed-rate loan for the buyer to finance the deal.

One Real Estate has acquired a portfolio of more than 6,000 multifamily units in Texas and Florida. The company is planning to break ground on a 12-story mixed-use project at 2201 North Miami Avenue in Wynwood called Wynwood Square in the next few months.

Prestige Cornerstone– Crystal Mansion | $6.73 million

Kina Investment sold a North Miami apartment complex called the Crystal Mansion from to Prestige Cornerstone for $6.73 million.

Prestige Cornerstone, which lists its offices at 200 East Las Olas Boulevard Suite 1550, bought the 66-unit complex at 12300 Northeast 4th Avenue for $101,969 per unit. The building is four stories and was purchased by Kina Investments in 1984. It was originally constructed in 1971 and is right off of West Dixie Highway.

Prestige Cornerstone lists its registered agent as Corporate Creations Network in Palm Beach Gardens. Kina Investment is tied to Ettore Nardi, according to property records.

from The Real Deal Miami https://therealdeal.com/miami/2018/08/16/south-floridas-biggest-multifamily-deals-in-july/
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