The Villages at Miami Gardens, a 50-unit apartment complex located at 3400 Northwest 191st Street in Miami Gardens, has been sold for $18.5 million. The sale comes during a period of increased multifamily investment activity in South Florida.
Records and data from real estate database Vizzda indicate that the seller is an entity connected to Ronny Ackermann and Jose Rimsky of Hollywood. The buyer is linked to Capital Square, a company based in Glen Allen, Virginia, which is believed to be acting as an intermediary for a 1031 exchange. The identity of the ultimate purchaser has not been disclosed.
Financing for the acquisition included a $12 million loan from Fannie Mae. This puts the transaction at approximately $370,000 per unit.
The Villages at Miami Gardens was completed in 2021 and consists of seven two-story buildings on a three-acre site. The property offers three- and four-bedroom apartments with monthly rents between $3,150 and $3,550. Property records show that the sellers originally acquired the development site for $900,000 in 2017.
South Florida’s multifamily market saw significant growth during the pandemic as many out-of-state residents moved into the region, leading to high demand for apartments and rapid rent increases. However, over the past two years, higher interest rates and cautious lending slowed market activity. Demand has eased further as developers finished a record number of new units last year and migration into the area decreased.
Recent months have seen renewed investment activity as investors seek to finalize transactions before year-end to manage their balance sheets. Notable recent deals include Morgan Properties’ purchase of Visions at Willow Pond in Palm Beach County for nearly $70 million; Tishman Speyer’s acquisition of Bell at Broken Sound Apartments in Boca Raton for $124.5 million; AEW Capital Management and Mast Capital’s sale of Remi on the River in Miami to Valeris Capital for $108.4 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
