MIRAMAR, FL-Without putting the property up for sale, Irving, TX-based Archon Group sold Aventine at Miramar, an 848-unit multifamily rental community, to Miami-based Hudson Capital. According to public records, the price was $145 million, or $170,990 a unit. Hudson secured $152.3 million in acquisition and mezzanine financing to buy and convert the property into for-sale condos.
The Aventine complex is located on a 66.8-acre site at 2436 Centergate Dr. near the Florida Turnpike. It is a gated community that contains a 12-acre lake and consists of 68 two- and three-story buildings with one-, two- and three-bedroom units averaging 1,170 sf. The complex also includes a 3,000-sf fitness center, clubhouse and two pools.
Because it was an off-market transaction, no brokers were involved in the sale, Robert Kaplan, senior managing director of the Miami office of Holliday Fenoglio Fowler, tells GlobeSt.com. Chicago-based Pritzker Realty Group developed Aventine in two phases in 2001 and 2003, he says, adding that it is free of existing debt and fully occupied.
Kaplan and Mark Rutherford, HFF senior analyst, obtained the financing from two sources. It consists of a three-year, adjustable-rate senior loan through London-based Barclays Capital and a mezzanine loan from Colonnade Properties, a private equity fund based in New York. Kaplan declined to disclose the separate funding in each loan as well as the rates.
"South Florida condo sales remain strong as the region continues to grow at a rapid pace, with growth centered in Miramar," Kaplan says. "We expect Aventine at Miramar to follow in the footsteps of two recent condo conversions in the area that sold out quickly and had unit sale prices upwards of $400,000." Prices for Aventine units are not yet set. The lowest published monthly rental rates begin at just over $1,000 a month and the rent for three-bedroom units exceeds $1,500 a month.
Andrew Greenbaum, one of five Hudson principals, credits Kaplan with "a sense of urgency in moving Aventine rapidly through the financing process insuring that Hudson would be able to capture the strong momentum in the current market." Hudson is a national real estate company with multiple condo conversions and mixed-use developments under way in Florida and the Chicago and New York metro areas. Its other principals are Abraham Galbut, Seth Frohlich, Eric Galbut and Neil Greenbaum.
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