The Villages at Miami Gardens, a 50-unit apartment complex in Miami Gardens, has been sold for $18.5 million. The transaction comes as multifamily investment sales in South Florida are showing signs of increased activity.
Records and data from Vizzda indicate that the seller is an entity connected to Ronny Ackermann and Jose Rimsky of Hollywood. The buyer is tied to Capital Square, based in Glen Allen, Virginia, which appears to be acting as an intermediary for a 1031 exchange. The identity of the ultimate purchaser has not been disclosed.
To finance the acquisition, the buyer secured a $12 million loan from Fannie Mae. This puts the price per unit at $370,000.
The Villages at Miami Gardens was completed in 2021 and includes seven two-story buildings on a three-acre property at 3400 Northwest 191st Street. It offers three- and four-bedroom apartments with monthly rents between $3,150 and $3,550. Property records show that the development site was purchased by the seller for $900,000 in 2017.
In recent months, there has been renewed interest in South Florida’s multifamily market. During the pandemic, demand surged as people moved into the region from other states, leading to higher rents and more transactions. However, over the past two years, higher interest rates and more cautious lending slowed activity. Demand eased further as developers delivered a record number of new units last year and migration into the area declined.
As year-end approaches, there has been an uptick in deals as investors aim to close transactions or offload properties before closing their books for the year.
Other recent large-scale multifamily transactions include Morgan Properties’ purchase of Visions at Willow Pond in Palm Beach County for nearly $70 million; Tishman Speyer’s acquisition of Bell at Broken Sound Apartments in Boca Raton for $124.5 million; AEW Capital Management and Mast Capital’s sale of Remi on the River in Miami to Valeris Capital for $108.4 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
