MIAMI-Hallandale-based Sunvest USA has bought the 252-unit Mediterranean Village multifamily complex here and the 352-unit Copperfield in Coral Springs. These are the fourth and fifth multifamily rental properties of a six-property portfolio put on the market by Sherman Oaks, CA-based Investors Management Trust Real Estate Group. The portfolio has an aggregate of 1,766 units.
In a separate transaction, the portfolio's 320-unit the Pointe sold to a partnership between Noah Breakstone of locally based Breakstone Homes and Luis Machado of Renegade Investments. This followed the early January sale of the 164-unit University Club in Tamarack to Weston-based Bankers Holding Group, and the sale of a 358-unit property identified only as a "South Florida rental community" to an unidentified buyer.
The sale of 320-unit Polo Chase in Wellington to an as-yet unidentified buyer, "should close this quarter," says Avery Klann, senior VP of Boca Raton-based Apartment Realty Advisors. He and ARA principal Richard Donnellan, represented IMT in the marketing and sale of the portfolio. The selling price for the portfolio is $250 million for an average of $141,563 a unit, Klann says, declining to disclose individual prices for the six assets.
There were four buyers of properties in the portfolio, Klann tells GlobeSt.com, and all of the properties, with the exception of the unidentified 358-unit complex, will be converted to for-sale condominiums, effectively diminishing residential rental stock by 1,408 units. In the ongoing wave of sales to condo converters, Donnellan says, "the average price per unit rose 28% in just one year to $145,589. Occupancies throughout the tri-county area are at 98%. Rents are spiking, and there is limited construction of any new rentals to backfill the depletion of stock that is being converted to condos."
Mediterranean Village, located on 8.2 acres at 6270 Miami Gardens Dr., was completed in 1988. Units range from 902 sf to 1,175 sf, and rent rates are from $861 to $984 per month. Copperfield, located on 23.4 acres at 8931 Wile Rd., was built in 1990. Its units range from 850 sf to 1,300 sf, and rent rates are between $845 and $1,200 per month. The Pointe, on nearly 14 acres at 17460 NW 67th Court, was built in 1987. It contains units of between 614 sf and 1,059 sf, with rates from $825 to $1,116 per month.
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