The Villages at Miami Gardens, a 50-unit apartment complex in Miami Gardens, has been sold for $18.5 million. The property is located at 3400 Northwest 191st Street and was developed by an entity associated with Ronny Ackermann and Jose Rimsky of Hollywood. Records and data from real estate database Vizzda indicate that the buyer is linked to Capital Square, based in Glen Allen, Virginia. Capital Square is believed to be acting as an intermediary for a 1031 exchange on behalf of the actual purchaser, whose identity has not been disclosed.
The transaction includes a $12 million Fannie Mae loan taken out by the buyer. This places the price per unit at $370,000.
Villages at Miami Gardens was completed in 2021 and consists of seven two-story buildings on a three-acre site. The complex offers three- and four-bedroom apartments with monthly rents between $3,150 and $3,550. The seller originally acquired the development site for $900,000 in 2017.
Multifamily investment sales have increased recently in South Florida. During the pandemic, the region attracted many new residents from outside the state, leading to high demand for apartments and rapid rent growth. Over the past two years, however, higher interest rates and cautious lending practices slowed market activity. Demand decreased further as developers finished a record number of units last year while fewer newcomers arrived.
The recent rise in transactions aligns with the approach of year-end deadlines when investors often close deals or sell properties to adjust their balance sheets.
Other notable recent sales include Morgan Properties’ purchase of Visions at Willow Pond for nearly $70 million in Palm Beach County; 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.
