Miami-Dade Apartment Complex Bought For $45 Million

A Miami Gardens apartment complex has sold for nearly $45 million to multifamily investor Advenir Inc.
Advenir@Walden Lake LLC, a company managed by Aventura-based Advenir, acquired the 368-unit Berkshires at Walden Lake at 899 NW 214th St. The company obtained a $35.04 million mortgage from CBRE Capital Markets Inc., according to Miami-Dade County records. The loan matures in November 2023.
The seller is BVF Lakes Edge Partners L.P., which is managed by Boston-based Berkshire Property Advisors LLC. The complex sold for nearly $121,000 per unit.
Completed in 1987 on 20.67 acres, the complex offers unit sizes range from 900-square-foot one-bedroom apartments to 1,200-square-foot three-bedroom units. Monthly rents range from $1,004 to $1,451.
The Miami Gardens complex south of County Line Road between Florida’s Turnpike and State Road 7 is the first South Florida apartment community acquired by Advenir this year. The company paid nearly $39 million for the San Tropez Apartments in Pembroke Pines in March 2012 and about $27 million for a Boynton Beach complex in January 2012.
South Florida’s multifamily sector has been quiet in recent months despite consistent interest from institutional and private investors.
 
Source: DBR