Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million.
At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly 400-unit development in Doral.
Here’s a look at the five priciest multifamily investment sales of this year:
1) Montage at City Center, Pembroke Pines
$158.5 million
AVR Realty Company sold the 700-unit Montage at City Center in Pembroke Pines to Harbor Group International. Despite setting a record price for this year, AVR paid the same amount, $158.5 million, for the project in two purchases in 2014 and 2015.
Montage at City Center, at 10170 Southwest Seventh Street, consists of 12 mid-rise buildings and 28 townhome structures, with a mix of one-, two- and three-bedroom units. The development was built in two phases, in 2014 and 2015. Amenities include a LEED Gold-certified clubhouse, two pools, a fitness center, business center and game room.
The deal also included the assumption of a $100 million loan. It broke down to about $226,000 per apartment.
2) Manor at CityPlace
$135 million
The Related Group, Shoma Group and PGIM Real Estate Investors sold a piece of CityPlace Doral in August for a whopping $135 million.
The developers sold the Manor at CityPlace, at 3450 Northwest 85th Court, to TA Realty affiliate FHF I Manor Doral for an amount that breaks down to nearly $343,000 per apartment.
Related and its partners completed the 394-unit luxury apartment complex in 2014 and secured $74 million of long-term debt for the property in May 2016. It was fully leased at the time. The six-story building sits on 5.8 acres just southwest of the shops at CityPlace.
3) Amaray Las Olas
$134 million
A luxury rental tower in downtown Fort Lauderdale that could eventually be converted to condos traded hands for $133.55 million in June, marking the third-largest multifamily deal to close this year.
A joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas to a company managed by Boston-based GID, a real estate developer, property management and acquisition firm. The GID affiliate financed the deal with a $65 million mortgage from TIAA.
Amaray hit the market in January with its brokers expected it to sell for upwards of $150 million. At $133.55 million, Amaray sold for nearly $526,000 per apartment.
4) Solano at Miramar
$120 million
Atlanta-based Pollack Shores Real Estate Group paid $119.75 million for the 512-unit Solano at Miramar
UBS Realty Investors sold the complex at 11700 Southwest 26 Street at a loss, as it paid $124.3 million for the property in 2007.
The Mediterranean-style project, built in 2008, sits on a nearly 30-acre lot, which includes an adjacent 7.35-acre vacant lot. It’s split between a 364-unit apartment community and a 148-townhome community offering three-story units with two-car garages, according to its website.
5) Quaye at Palm Beach Gardens
$118 million
In July, Tampa-based Carlyle Investments sold a 340-unit apartment complex in Palm Beach Gardens for $118 million to PGIM Real Estate.
PGIM paid about $347,000 per apartment at the Quaye at Palm Beach Gardens.
The 34-acre development, at 10000 South Gardens Drive, was completed in 2015. Carlyle financed construction with a $47.6 million mortgage from Columbus, Georgia-based Synovus bank.
Harunobu Coryne contributed reporting.
Correction: An earlier version of this story incorrectly identified the buyer of Solano at Miramar. Pollack Shores Real Estate Group purchased the complex.