AEW Capital Management bought newly built Tamiami Landings and Banyan Ridge apartment complexes from AHS Residential for a combined $123 million.
Boston-based AEW, a real estate investment manager, paid $67.5 million for Tamiami Landings in southern Miami-Dade County’s Country Walk area. The 264-unit complex is near the intersection of Southwest 152nd Avenue and 136th Street, in front of Kendall-Tamiami Executive Airport. The deal breaks down to $255,682 per unit.
AEW also bought the 228-unit Banyan Ridge in an unincorporated part of Palm Beach County for $55.5 million. The complex is at 7065 Banyan Leaf Drive, or the southeast corner of Florida’s Turnpike and Belvedere Road. The deal equates $243,421 per unit.
AHS, a Miami-based housing developer, finished both communities this year and sold them while still leasing them out, according to a statement from AHS. Denver-based Grand Peaks will manage the properties.
AHS started building Banyan Ridge and Tamiami Landings at roughly the same time, as it scored construction loans for each last year. AHS nabbed $33 million in financing for Tamiami and $34.4 million for Banyan Ridge.
AHS, led by Ernesto Lopes, has completed nine South Florida projects since launching in 2012, according to its website. AHS, now a subsidiary of homebuilder MRV, manages a portfolio of more than 2,000 units in South Florida and is expanding to Georgia and Texas.
AEW has purchased other AHS-developed communities. In January, it paid $57 million for a 281-unit apartment complex near Homestead.
AEW, led by Jeff Furber, has 400 clients with $88.6 billion in assets under management, according to its website. Founded in 1981 by Peter Aldrich, Tom Eastman and Mark Waltch, AEW has expanded beyond North America to Europe and the Asia Pacific.
It has been investing in South Florida multifamily projects for some time. In March, it sold a complex in southwest Miami-Dade to Grand Peaks Properties for $63 million.