The Charleston, South Carolina-based firm bought the property at 6200 Northwest 173rd Street in an unincorporated area of the county from New York-based Nuveen Real Estate, an investment arm of Teachers Insurance and Annuity Association of America, according to records and real estate database Vizzda. Greystar borrowed a $65.5 million Freddie Mac loan for the purchase.
The complex, which was renamed Avana at the Moors from Latitudes at the Moors, is in the Country Club neighborhood that’s near Miami Gardens.
Completed in 1989 on a 12.1-acre site, Avana at the Moors consists of 12 three-story buildings and three one-story buildings, according to Vizzda records. Nuveen, led by Mike Sales, had paid $71.3 million for the property in 2018.
The complex includes one-bedroom and two-bedroom apartments, ranging from 738 square feet to 1,011 square feet, Avana’s website shows. Asking rents are not listed.
Nuveen has been selling some of its South Florida holdings over the past year. In April, the firm sold the Publix-anchored Shoppes at Monarch Lakes shopping center at 14303 Miramar Parkway in Miramar for $16.4 million.
Last summer, the firm sold the 197-unit Manor in Plantation apartment complex at 601 Northwest 82nd Avenue and 501-537 Northwest 84th Avenue for $49.4 million. The deal marked a 5 percent discount from Nuveen’s purchase price in 2014. In October, Nuveen sold the 33-story 701 Brickell office tower in Miami for $443 million, marking last year’s top South Florida office investment sale. Billionaire hedge funder Paul Singer’s Elliott Investment Management was the buyer.
Nuveen isn’t exiting the tri-county region’s market. In Doral, the firm is partnering with SJC Ventures on a Whole Foods-anchored shopping center that will span 83,000 square feet on a 10-acre site on the southwest corner of Northwest 41st Street and Northwest 107th Avenue.
Greystar, led by Bob Faith, has been an investor in South Florida for years.
In May, the firm paid $30.5 million for a 36-acre site on the corner of Lyons Road and Atlantic Boulevard in Coconut Creek that’s approved for a 384,000-square-foot industrial project with three warehouses. Greystar scored a $63.1 million construction loan at the time of the purchase.
Greystar completed the 284-unit Elan Polo Gardens apartment complex at 4310 Chukka Lane in unincorporated Palm Beach County last year, selling it in January for $102.4 million. Property Reserve, the Church of Jesus Christ of Latter-day Saints’ real estate arm, was the buyer.
South Florida’s multifamily market has experienced investment sales over the past year, amid elevated interest rates and tighter lending. While activity remains, it’s been more sporadic compared with the deal bonanza of 2021 and 2022 fueled by unprecedented apartment demand and record rent growth.
Last month, Greenwood Village, Colorado-based Griffis Residential bought the 15-story, 223-unit apartment building at 345 Banyan Boulevard in downtown West Palm Beach for $87 million. Also, Spanish billionaire Amancio Ortega’s Ponte Gadea investment firm paid $165 million for the 44-story, 259-unit Veneto at Las Olas apartment tower at 201 South Federal Highway in downtown Fort Lauderdale.
Greystar continues to be an active investor in South Florida, with recent acquisitions including a development site in Coconut Creek and the sale of an apartment complex in Palm Beach County.
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