A pair of South Florida apartment complexes will be going for sale, The Real Deal has learned, amid a slowdown of the multifamily market compared with recent years’ boom.
Boston-based Stratford Management is looking to offload the 276-unit Riverland Apartments at 420-432 Southwest 27th Avenue in Fort Lauderdale for about $90 million, and CIX Capital wants to sell the 240-unit Village at Mangonia Lake at 2201 North Australian Avenue for about $70 million, according to Jaret Turkell, the broker marketing the properties on behalf of the sellers.
The complexes, both of which consist of market-rate rentals, are expected to hit the market this week.
Turkell and Omar Morales are part of the Berkadia team marketing the properties.
Completed in 2021 on an 11.1-acre site, Riverland consists of seven buildings with studios and one- to three-bedroom apartments, records show. Monthly rents range from $1,920 to $3,759, according to the property’s website. The asking price amounts to $326,100 per unit.
Stratford and Boca Raton-based Eastham Capital paid $84 million for Riverland in 2023, assuming the seller’s $55.9 million loan from First Republic Bank.
Village at Mangonia Lake, completed in 2019 on a 7.6-acre site, consists of three six-story buildings, property records show. It has one- and two-bedroom apartments, with monthly rents from $1,850 to $2,160, according to Apartments.com. The asking price amounts to $291,700 per unit.
Miami-based Resia developed Village at Mangonia Lake, and the property’s ownership entity ties to Resia. But Turkell said CIX Capital, a São Paulo-based investment firm that’s part of Brazil’s investment and development firm Maiz, is listing the site.
CIX Capital launched CIX AHS Multifamily Income Bond in 2021 to co-invest with Resia in multifamily. It announced plans in 2024 to direct its investments to South Florida multifamily, according to its website and Brazilian news reports.
South Florida’s multifamily market has been recalibrating.
After a pandemic-induced influx of out-of-staters, unprecedented demand prompted record rents, and developers seized on the boom with hefty apartment completions. As a result, the market has felt the sting from a supply overhand amid slower in-migration, leading to a drop in rents and increased concessions.
In December, the median asking rent in South Florida hit $2,262, a 3.4 percent decline year-over-year, according to Realtor.com.
Still, the decision to sell a complex also is tied to when the landlord bought the properties and their investment strategy, Turkell said.
The apartment properties’ listing comes as RFR Realty put on the for-sale market this month the 30-story 100 Biscayne office tower, at 100 Biscayne Boulevard, in downtown Miami for about $130 million.
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