The Landmark South apartments in Doral traded for $255 million, marking the third biggest multifamily deal in South Florida this year amid a vigorous market.
New York-based JSB Capital Group bought the complex at 6075 Northwest 105th Court from an affiliate of AECOM-Canyon Partners, according to the broker’s news release.
Still Hunter and Greg Engler of Walker & Dunlop handled the deal. Aaron Appel and Keith Kurland obtained financing on behalf of JSB Capital. The loan amount is unknown because it has not yet been recorded.
Landmark, completed in two phases in 2017 and 2021, has 631 apartments in three eight-story buildings, property records show.
It offers one- to three-bedroom units, ranging from 680 square feet to 1,445 square feet, according to the release. The community has two pools, a gym, a spa with oakwood saunas and a pet spa. Units have floor-to-ceiling windows.
Monthly rents range from $2,209 to $3,665, according to Apartments.com.
Los Angeles-based AECOM-Canyon Partners is a joint venture between AECOM Capital and
Canyon Partners Real Estate, according to its website.
In 2019, the partnership announced plans to invest $4 billion in developing commercial real estate across property types in 25 U.S. markets.
JSB Capital is the successor company to GMF Capital, which focuses on private equity and alternative investments in real estate, health care and structured credit. It is led by Jay Lobell.
GMF’s multifamily portfolio consists of more than 80 properties and over 21,500 units as of late 2020, according to its website.
The hot multifamily market has been fueled this year by high demand from locals as well as newcomers to South Florida, prompted in part by the region’s widespread opening during the pandemic. The demand has pushed up rents and prompted a flurry of investment activity.
Grant Cardone’s purchase of four Broward County communities for $744 million this month ranked as this year’s biggest deal. The second largest was Starwood Property Trust’s $371.1 million purchase of two apartment towers near Dadeland Mall in October.