Maxx Properties scooped up a 145-unit apartment complex in Wilton Manors for $46.6 million, amid a South Florida multifamily investment sales slowdown.
The Purchase, New York-based firm bought the ANKR Wilton Manors complex consisting of 11 three-story rental buildings and a clubhouse at 513 Northeast 21st Court from Gables Residential, according to records and real estate database Vizzda. The buyer took out a $37.7 million Freddie Mac loan on the property.
Atlanta-based Gables Residential, led by CEO Sue Ansel, completed the complex in 2009 on a 5.1-acre lot, records show. It sold the property for $321,379 per unit.
ANKR offers studios, as well as one-bedroom and two-bedroom apartments, with monthly rents ranging from $1,967 to $6,702, according to Maxx’s website.
Maxx is owned by the Wiener family, which first started buying apartments in Brooklyn in the 1930s, the company’s website says. The firm is led by Rick, Andrew and David Wiener, who are fourth generation family members. Maxx also owns the Upton Apartments at 911 South Park Road in Hollywood, and complexes in Tampa.
South Florida became a magnet for out-of-state residents from late 2020 through 2022, prompting unprecedented apartment demand, record rent hikes and a flurry of sales. More recently, slowed leasing, higher interest rates and a pullback of lending has tempered deal activity. The firms still purchasing properties either have discretionary funds, allowing them to use more equity than debt, or are relying on seller financing or agency loans. Agency loans such as from Freddie Mac or Fannie Mae generally come at more favorable terms than bank loans.
Wilton Manors generally hasn’t been an epicenter of South Florida multifamily sales in recent years, but it has caught developers’ eyes.
In January, Grass River Property won approval to develop a mixed-use project with 252 apartments at the intersection of Northeast 7th Avenue and Wilton Drive. The firm will raze a portion of the Shoppes of Wilton Manors to build its six-story building. Also in January, Kaplan Residential landed approval for the 190-unit Generation at Wilton Manors rental project at
1209, 1225 and 1401 Northeast 24th Street, as well as 2449 and 2430 Northeast 13th Avenue.