Two South Florida apartment complexes just hit the market unpriced – but are expected to nab between $95 million to $100 million, the broker marketing the property told The Real Deal.
The 444-unit portfolio includes Sundance Village, a 304-unit complex at 11325 Northwest 7th Street near Doral; and the Gardens at Nova, a 140-unit property at 6857 College Court in Davie.
Larry Stockton of Colliers International South Florida is listing the property on behalf of the seller, a Coral Gables-based company led by siblings Manuel and Jorge Larrieu and Nitza Gonzalez. Together, the Larrieus head the real estate development and management firm, Poinciana Homes, which focuses on residential development, according to its website.
Records show Poinciana Homes affiliates, Sundance Apartments I Inc. and Gardens at Nova Manor Inc., own the properties, which are all garden-style communities that feature two- to three-bedroom apartments. The complexes were developed between 1988 and 1997, records show.
The owners paid about $7.2 million for Sundance Village in 1997, and $11.8 million in 2003 for the Gardens at Nova rental complex, according to records. The total amounts to $19 million. The properties are being listed individually or together.
The rental complexes have maintained a roughly 94 percent occupancy rate over the past 10 years, Stockton said. He estimates the portfolio will trade for a total of about $95 million to $100 million, “depending on the market,” which he says is strong for multifamily investment deals.
Last year, the majority of the top multifamily deals in South Florida exceeded $100 million, each.