🏆 Residential: Bal Harbour had the top residential transaction recorded in South Florida. An LLC managed by Brazilian businessman Wafrido Silvino Dos Mares Guia Neto parted with a condo at 9701 Collins Avenue, the St. Regis Bal Harbour, for just under $11 million. The buyer was RLK St Regis LLC, tied to Brazil. The 3,400-square-foot pad has three bedrooms and three and a half baths. It last sold in 2013, for $5 million. The latest deal pencils out to roughly $3,200 per square foot.
🏆 Commercial: An LLC tied to Boca Raton-based Grover Corlew, a real estate investment firm, notched the top commercial deal in South Florida. The firm offloaded a retail center at 6265 West Sample Road in Coral Springs known as the Turtle Run Shoppes for $19.5 million. The buyer was Pliskin Realty, based in Garden City, New York. Marcus & Millichap brokered the sale. The center dates to 1990 and was renovated in 2018. It is 92 percent occupied, with major tenants including Ross Dress for Less, the U.S. Postal Service and Cycle Gear.
📊 Commercial: In Palm Springs, a 35,100-square-foot mixed-use property, with retail and office space, at 2669 Forest Hill Boulevard changed hands for $8 million. The seller was an affiliate of North Miami-based IMC Equity Group, which acquired the asset in 2004 for $4.6 million. The buyer in the latest transaction was an LLC linked to Criterion, based in Owasso, Oklahoma.
📊 Residential: Lucy Emily Lyons scooped up a single-family home at 2121 East Maya Palm Drive in Boca Raton for $8 million, or roughly $1,200 per square foot. The seller was Brian J. Flynn, who purchased the home in 2019 for $4.7 million. The nearly 6,800-square-foot residence has five bedrooms, six and a half baths, a four-car garage, built-in grill and pool. It was listed for sale in June, with an asking price of $9 million. David Roberts with Royal Palm Properties represented the seller, and Sergio Commisso with JSM Realty Services brought the buyer.
By the Numbers: US apartment vacancy rate rises, with widening urban-suburban gap
The gap between rental vacancies in cities and their suburbs is widening.
The vacancy rate for urban rental units came in at 7.6 percent in the fourth quarter, compared to 6.9 percent in the suburbs, according to newly released data from the U.S. Census Bureau.
Those fourth-quarter rates, for both city and suburban rental units in metropolitan statistical areas — most of which are likely apartments — were higher than they were in the fourth quarter of 2024. However, the rate for city units rose at a greater clip (by 40 basis points) compared to suburban units (by 20 basis points), indicating that there could be an increasing demand for rentals outside of urban cores. Or, as has been the case in the Sun Belt in particular of late, cities are continuing to wrangle with an oversupply of apartments.If you like this digest, you can get it even earlier — every evening — by subscribing to TRD Data, here.
