Blackstone offered an apartment sophisticated in Margate for $93 million.
The New York-based firm’s actual estate arm marketed the 394-unit Pinebrook Pointe at 3495 Pinewalk Travel to an affiliate of Coral Gables-primarily based Bar Commit Group, according to documents and true estate database Vizzda. Bar Commit took out a $50 million loan from BankUnited for the acquire.
The sale breaks down to $236,041 per condominium.
Done in 1988, Pinebrook Pointe consists of 45 two-story and a few-story structures on 33 acres, in accordance to Vizzda.
Blackstone experienced paid out $69.9 million for the complex in 2017, also getting out a $140.4 million personal loan at the time, cross-collateralized amid this and 10 other attributes, according to data. The loan provider on the financial debt, which has improved to $227.5 million, produced Blackstone from the Pinebrook Pointe portion of the house loan at the time of this sale, in accordance to data.
Pinebrook Pointe features 1- and two-bedroom residences, with regular rents from $1,390 to $4,891, in accordance to Flats.com. The elaborate is 95 per cent occupied, the South Florida Small business Journal reported.
Bar Make investments is led by the Barbera family members, with CEO Herve Barbera, in accordance to its web site. The firm’s portfolio consists of additional than 3,500 apartments and around 2 million square ft of retail.
Bar Spend has been a recurrent player in South Florida’s multifamily marketplace. In 2020, the organization bought the Visions at Willow Pond complicated at 4860 Sand Stone Lane in West Palm Beach front for $56.2 million. That came on the heels of Bar Invest’s $58 million sale of the Cielo Position condominium sophisticated at 6701 West Oakland Park Boulevard in Fort Lauderdale.
The Pinebrook Pointe deal comes amid an uptick of multifamily expenditure profits this yr. Offer action was muted early this 12 months mainly because of to elevated interest premiums, but purchases began flowing this summer time.
At $93 million, the Pinebrook Pointe sale ranks as the ninth largest South Florida multifamily offer this 12 months, in accordance to The Actual Deal’s overview of details furnished by Colliers and Cushman & Wakefield.
Margate has been largely devoid of multifamily gross sales this 12 months, although it scored some action past yr when Covenant Cash Group bought the Cirq 5100 elaborate at 5100 West Sample Street for $60.9 million.
