Miami-Dade, partners pay $82M for rental portfolio

A joint venture of two New York-based companies and a Miami-based firm scooped up a three-property apartment portfolio across Miami Dade and Broward counties for $82 million, The Real Deal has learned.

Mavik Capital Management, which put in the majority of the capital, along with Triangle Capital Group and Corinthian Capital Real Estate Partners, bought The Arbors at Greynolds Park at 2365 Northeast 173rd Street in North Miami Beach, The Palms at Forest Hills at 2940 Forest Hills Boulevard in Coral Springs, and Colonial Village at 7550 Stirling Road in Davie, according to sources familiar with the deal.

The seller of all three are affiliates of Harrison, New York-based Maxx Properties, property records show.

Tal Frydman and Avery Klann of Newmark represented the seller.

The Class B, 371-unit portfolio is almost fully leased, the sources said.

It was a value-add investment for the buyers, meaning exterior and interior capital improvements are planned, with rent increases possible in the future.

Triangle Capital and Corinthian, led by Matt Miller and the Miami-based investor in the joint venture, will serve as property managers, the sources said.

The deal breaks down to about $221,000 per unit.

The 156-unit Arbors at Greynolds Park consists of three three-story buildings constructed in 1969 across 5 acres, property records show.

The last recorded deed sale of the property was in 1998 for $6.2 million, although it could have sold since then through the acquisition of the interest in the limited liability company that owns the real estate.

Arbors at Greynolds has one- to two-bedroom apartments, ranging from $1,940- to $2,595 in monthly rents, according to Apartments.com.

The 103-unit Palms at Forest Hills consists of three three-story buildings constructed in 1975 across 4.5 acres, records show.

It last traded for $5.5 million in 2003.

It offers one- to three-bedroom units, ranging from $1,705- to $2,290 in monthly rent, Apartments.com shows.

The 112-unit Colonial Village consists of two four-story buildings and two two-story ones constructed in 1973 and 1974 across almost 5 acres, according to property records.

It last traded for $4.1 million in 1999.

It offers one- to two-bedroom units, ranging from $1,695- to $1,700 in monthly rent, Apartments.com shows.

Mavik Capital, led by CEO Vik Uppal and Managing Director Mike Fishbein, is an opportunistic manager of commercial real estate credit and special situations investments across property types throughout the U.S., according to the company’s LinkedIn.

Triangle Capital, a private real estate investor founded in 2009, has closed on more than completed $1 billion of deals and manages investments across asset classes in more than 20 states, according to its LinkedIn.

The purchase comes a year after Corinthian made another residential investment, buying 39 condos at the 44-unit Eden House in Hollywood for $5.8 million.

The South Florida multifamily market is thriving because of high demand, allowing landlords to increase rents and catching the eye of investors.

Buyers’ appetite has spread beyond centrally located and Class A properties to smaller submarkets and older properties.

Landmark Companies bought the Coral Falls Apartment Homes for $40.2 million in April 2021.

In Davie, Circle Capital Partners paid $34.7 million for the Vue on 67th apartment complex in August.

Miami-Dade, partners pay $82M for rental portfolio

For More News!

Related Posts

Compare