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With Portfolio Sale, PIA Group Shifts Focus to MF

The deal marks a shift in corporate purchasing strategy for the PIA Group from single-family to multifamily value-add opportunities.

The single-family homes in the portfolio that traded between the two firms are spread out across three counties—40% are in Miami-Dade County, 40% are in Broward County and 20% are in Palm Beach County. The single-family homes in the portfolio that traded between the two firms are spread out across three counties—40% are in Miami-Dade County, 40% are in Broward County and 20% are in Palm Beach County.

MIAMI—Property Investment Advisors Group of Miami has sold a portfolio of 200 single-family homes in South Florida to New York City-based Cerberus Capital Management in a deal valued at $47 million.

The deal marks a shift in corporate purchasing strategy for the PIA Group from single-family to multifamily value-add opportunities. PIA Group officials say the firm will deploy the proceeds from the sale toward the acquisition of additional institutional size value-add multifamily apartments in high growth Southeastern US cities.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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