A Boston-based global real estate investment manager paid $57 million for a 281-unit apartment complex near Homestead.
AEW Capital Management bought the complex at 13700 Southwest 256th Street, called “Deering Groves,” according to records. The three-story complex of about 256,000 square feet was built in 2019. The deal equates to about $203,000 a unit.
The developer of the apartments, Miami-based AHS Residential, sold the complex to AEW. AHS bought the development site on the southwest corner of Southwest 256th Street and Southwest 137th Avenue in 2014 for $2 million. AHS is led by Ernesto Lopes.
The complex has one- to three-bedroom units available for monthly rents of $1,250 to $1,695. Amenities include a gym and pool.
AEW, led by Jeff Furber, is expected to sell the Phillips Point office towers in West Palm Beach to Related Companies for $282 million.
Last year, AHS scored a $33 million construction loan to build an apartment complex in front of Kendall-Tamiami Executive Airport in Miami, and a $34.4 million construction loan to build an apartment project near West Palm Beach.