Related Group and 13th Floor Investments joined forces to buy a waterfront Aventura apartment complex, The Real Deal has learned.
The Coconut Grove-based firms paid $96.5 million for Arium Lincoln Pointe, a 285-unit property at 17900 Northeast 31st Court, a source familiar with the deal told TRD. Related, led by Jorge Pérez and his sons, Jon Paul and Nicholas Pérez, and 13th Floor, led by Arnaud Karsenti, declined comment through spokespersons.
The deal breaks down to $338,596 per apartment. The complex has been renamed Town Aventura, according to Apartments.com.
The joint venture partially financed the purchase with a $58 million loan from New York-based Madison Realty Capital, a press release states.
Newton, Massachusetts-based RMR Group sold the 9-acre site to Related and 13th Floor. In 2023, RMR acquired Arium Lincoln Pointe’s ownership entity from Bethesda, Maryland-based LCOR, so the previous sale price is not available in Miami-Dade deed records.
LCOR paid $57 million in 2017, records show. Completed in 1991, the complex of five three-story buildings was 93 percent occupied as of October, an offering memorandum states.
Related and 13th Floor are taking over the older apartment complex at a time when recently completed multifamily properties are facing slower leasing. Owners of projects in Dania Beach, North Miami Beach and Wynwood that opened in the past year have begun offering incentives such as two months free rent to entice prospective tenants.
The South Florida multifamily market is also showing signs of oversupply. Last year, apartment landlords signed 15,000 net new leases when a record 18,600 rental units were completed, CoStar data shows.
Related is among South Florida’s busiest development firms. Related Urban, the company’s affordable housing arm, recently filed a site plan application with Miami-Dade County to build an additional 1,083 units at an existing public housing site with 1,379 apartments in Miami’s Little Havana.
Last month, Related and its partners, Aventura-based BH Group and Boca Raton-based Pebb Enterprises, received planning and zoning board approval for a mixed-use project with 500 apartments at the Office Depot campus in Boca Raton.
This month, the same board approved 13th Floor’s plans for a 340-unit apartment project at the Boca Raton Tri-Rail station.