(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

MIAMI—Ludlam Point, a 205-unit garden townhome multifamily community in Miami, has traded to a Denver investor that’s aggressively moving into Miami. Financial terms of the deal were not disclosed.

Brett Chwick, Terranova’s capital markets director, and David Loewy, capital markets senior analyst, represented the seller, Ludlam Apartments LLC, a local company owned and managed by Interdevco. Grand Peaks acquired the multifamily asset, which is located at 6880 SW 44th Street.

“Ludlam Point is an exceptional property that went on the market at probably the most challenging time to finance residential acquisitions,” Chwick said in a statement. “Grand Peaks had the vision to recognize the opportunity and the wherewithal to come up with sufficient capital to be able to structure a workable deal.”
    
Grand Peaks is an established owner and operator that recently entered South Florida with the purchase of two other multifamily communities in Broward County: the 280-unit Lakes of Margate, acquired in 2010, and the 560-unit Parrots Landing, acquired in 2011. Ludlam Point is Grand Peaks’ first acquisition in Miami-Dade County.
    
Robert Given, CBRE’s South Florida Multi-Housing Group team of executive vice president, tells GlobeSt.com buyer demand is always greater than seller demand in South Florida. Still, it’s not difficult for savvy investors to find multifamily assets that fit their profile if they are diligent.

“Over the last couple of years there hasn’t been enough product coming to market,” Given says. “But that’s always going to be the case in an area like South Florida that’s a constrained market. It’s the way it’s been for decades. When you look at the risk profile of rehabbing a project and bringing it up to contemporary standards versus building a new project and taking the risks, it certainly makes more sense to rehab than it does to build.”