The developer of a 50-unit apartment complex in Miami Gardens has sold the property for $18.5 million. The transaction comes as South Florida sees increased activity in multifamily investment sales.
According to property records and the real estate database Vizzda, an entity associated with Ronny Ackermann and Jose Rimsky from Hollywood sold The Villages at Miami Gardens, located at 3400 Northwest 191st Street. The buyer is linked to Capital Square, based in Glen Allen, Virginia, which is believed to be acting as an intermediary for a 1031 exchange. The actual buyer’s identity has not been disclosed.
Financing for the purchase included a $12 million loan from Fannie Mae. This sets the price at approximately $370,000 per unit.
The Villages at Miami Gardens was completed in 2021 and consists of seven two-story buildings on a three-acre site. The complex offers three- and four-bedroom apartments with monthly rents between $3,150 and $3,550. The previous owner had acquired the development site for $900,000 in 2017.
South Florida has recently experienced more multifamily investment sales after a period of slower activity caused by higher interest rates and cautious lending. Demand had previously surged during the pandemic as out-of-state residents moved into the area, leading to rapid rent increases and high transaction volume. However, demand later softened as developers delivered a record number of new units and fewer newcomers arrived.
The increase in transactions this year aligns with investors’ efforts to finalize deals before year-end to manage their financial statements.
Recent notable sales include Morgan Properties’ acquisition of Visions at Willow Pond for nearly $70 million in Palm Beach County; Tishman Speyer’s purchase of Bell at Broken Sound Apartments in Boca Raton for $124.5 million; AEW Capital Management and Mast Capital’s sale of Remi on the River in Miami for $108.4 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
