Two South Florida Multifamily Deals Close for $130M Total in Year-End Rush
Vue at 1400 in West Palm Beach and Verona View by Arium in Plantation sold in the year-end rush to close transactions.
December 27, 2019 at 02:37 PM
3 minute read
Vue at 1400 apartment complex in West Palm Beach. Photo: Google
Two suburban, garden-style apartment communities in South Florida sold for $130 million total just before year's end. The transactions are in line with a continuously strong multifamily market that's expected to remain a top asset class next year.
Vue at 1400 apartment complex in West Palm Beach sold for $55 million, and south of there Verona View by Arium in Plantation sold for $75 million.
New York-based alternative investment firm Angelo Gordon through an affiliate bought Vue at 1400 from an affiliate of Nashville-based Covenant Capital Group, according to Broward County property and state Division of Corporations records. The deal closed Dec. 19.
In the other deal, PGIM Real Estate, the real estate investment management arm of Prudential Financial Inc., through an affiliate bought Verona View from an affiliate of Lindemann Multifamily Management LLC, an investor with properties in Florida, North Carolina and Tennessee. The deal closed Dec. 17.
The 316-unit Vue at 1400 totals 232,751 square feet across several buildings constructed in 1991, according to the Palm Beach County Property Appraiser's office. It sits on 12 acres just east of Village Boulevard and north of Community Drive at 1400 Village Blvd.
The 293-unit Verona View totals 333,099 square feet and was built in 1989 and 1990, according to the Broward County Property Appraiser's office. It sits across 9 acres roughly southeast of Sunrise Boulevard and Hiatus Road. The address is 10900 NW 17th St.
Both complexes are in suburban areas west of Interstate 95, a part of the region that saw this year's biggest multifamily transactions. This occurred despite the comeback of regional downtowns with new projects and growing population.
Suburban properties were popular among investors this year. These areas are poised for more rental growth, unlike downtowns that already have reached rental peaks.
NexPoint Residential Trust Inc., a publicly traded real estate investment trust based in Dallas, bought the 1,520-unit Avant at Pembroke Pines garden-style rental complex for $322 million. The second biggest deal this year was Blackstone's $209 million purchase of Doral View and Doral Station south of Doral.
In the first three quarters this year, multifamily deals reached $1.2 billion, up 24% from the same time the year prior, according to JLL data.
The Vue at 1400 sale breaks down to $174,050 per unit. The Verona View sale breaks down to $255,973 a unit.
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