The Villages at Miami Gardens, a 50-unit apartment complex in Miami Gardens, has been sold for $18.5 million. The transaction comes as multifamily investment sales in South Florida show signs of increased activity.
According to public records and data from Vizzda, the seller is an entity associated with Ronny Ackermann and Jose Rimsky of Hollywood. The buyer is linked to Capital Square, a firm based in Glen Allen, Virginia, which appears to have acted 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 Fannie Mae loan. The sale price equates to $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. Records indicate that the sellers originally acquired the development site for $900,000 in 2017.
In recent months, South Florida’s multifamily sector has seen more transactions. During the pandemic, the region attracted many out-of-state residents, resulting in high demand for apartments and significant rent increases. Over the past two years, however, higher interest rates and cautious lending slowed the market. Developers delivered a record number of new units last year as migration trends eased, leading to slower lease-ups and declining rents.
Investment activity has picked up again as year-end approaches, a period when investors often finalize deals or divest properties before closing their books.
Recent notable transactions include Morgan Properties’ nearly $70 million purchase of Visions at Willow Pond 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 $77 million purchase of Legacy at Coconut Creek.
