The Florida Multi-Housing Group of CB Richard Ellis Inc. in Miami has sold three apartment complexes totaling 881 units for $66 million or an average $74,915 per unit.

"While the Kendall submarket fell out of favor from institutional purchasers over the last five to six years, the purchase of these three assets by two institutions and a large private capital group illustrates that the institutional investment universe is returning to this market due to its recognition of the strong fundamentals being in place," Jay Massirman, managing director, Florida Multi-Housing Group, says in a prepared statement.

In the most recent transaction on Jan. 2, St. Louis-based Gannon International paid Altman Development Co. of Boca Raton $29.4 million or $77,984 per unit for the 377-unit Royal Palm Place at the Hammocks in West Kendal, FL. Average rent at the 96%-occupied property is $956 per month or 95 cents per sf.

December saw the 240-unit Coral Club at the Hammocks sold by Archon Group of Dallas to RREEF Inc. of New York for $17.1 million or $71,283 per unit. The 97%-occupied asset rents for $946 per month or $1.18 per sf.

Three months earlier, in September, Archon sold its 264-unit Cascades at the Hammock to AEW Capital of Boston for $19.4 million or $73,727 per unit. The 94%-leased property rents for an average $982 per month or 97 cents per sf.

Denny St. Romain, managing director, Florida Multi-Housing Group, and Charles Crapse, director, worked with Massirman on all three transactions. The group has closed $900 million in multifamily transactions over the last three years.

Instant Insights /

South Dade Comes Alive to Institutional Apartment Buyers

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