(To read more on the multifamily market, click here.)

MIAMI-Irvine, CA-based Atherton-Newport Investments has acquired the 94-unit Rose Garden Apartments from an offshore private company for $6.7 million. The acquisition is Atherton-Newport’s fourth in South Florida.

Cushman & Wakefield’s South Florida capital markets group multifamily team of Brad Capas, Rosendo Caveiro and Charlie Exelbirt represented the buyer in the transaction. The acquisition is Atherton-Newport’s fourth in South Florida. The company recently acquired the neighboring Miami Gardens Villas from a private owner.

“We recently sold the buyer Miami Gardens Villas, which is next door so there was a strong appetite for this property,” Exelbirt tells GlobeSt.com. “The acquisition of Rose Garden increases ANI’s presence in the neighborhood to 470 units.”

As it typically does with apartment acquisitions, the buyer is planning to make capital improvements to the class C property, Exelbirt adds. Built in 1971, Rose Garden Apartments has 44 one-bedroom units and 50 two-bedroom units. The average unit size is 862 sf.

The acquisition is reflective of a growing trend in South Florida. “Value-added investors have always been interested in South Florida apartments. However, the recent surge in rents and occupancies throughout the region has enhanced the returns to be realized through investment in capital improvements,” Capas says. “Consequently, investors specializing in repositioning older communities have refocused on South Florida.”

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