South Florida’s multifamily real estate market in 2025 was marked by high expenses and economic challenges, leading to fewer large-scale transactions compared to previous years. The most significant deal involved the $235 million purchase of the 101 Via Mizner apartment building in Boca Raton, which was acquired out of bankruptcy proceedings. The seller had entered Chapter 11 reorganization to avoid foreclosure on a $145 million loan.
No other transaction this year surpassed the $200 million mark. While South Florida has generally attracted strong demand for apartments due to an influx of new residents during the pandemic, recent years have brought higher insurance costs and rising interest rates. Although the Federal Reserve cut benchmark interest rates six times over the past two years after a series of increases in 2022 and 2023, refinancing remains difficult for many property owners.
The region also experienced a surge in new apartment completions, resulting in slower leasing activity and increased concessions for tenants. According to Realtor.com, average rental rates across South Florida fell by 2.7 percent from November 2024 to November 2025.
To navigate these conditions, some buyers used loans from Freddie Mac or Fannie Mae or sought financing from insurance companies with more favorable terms. Others assumed existing loans or completed all-cash purchases, sometimes relying on discretionary funds that allow for lower debt leverage.
Grant Cardone, known as a social media personality and multifamily syndicator, led the top deal of the year through his firm Cardone Capital. He partnered with Penn-Florida Companies to acquire 101 Via Mizner out of bankruptcy for $235 million after Penn-Florida faced foreclosure from its lender. “The deal saved Penn-Florida Companies, which had developed 101 Via Mizner and was facing foreclosure from its lender, from losing the building.”
A bankruptcy court approved the sale in July, allowing Cardone Capital and Penn-Florida to jointly purchase the property at 101 East Camino Real in Boca Raton. Cardone Capital contributed $220 million while Penn-Florida provided $15 million. The joint venture plans to convert the building into condominiums with projected unit sales totaling about $400 million.
Penn-Florida completed construction of 101 Via Mizner in 2016 but filed for Chapter 11 reorganization earlier this year amid financial pressures. Blackstone Mortgage Trust had previously initiated foreclosure proceedings on a $145 million loan secured by the property.
Cardone’s activity continues a trend; last year his affiliated funds paid over $500 million in cash for three Broward County apartment properties: Manor at Flagler Village (382 units), Edge at Flagler Village (332 units), and Laurels at Jacaranda (468 units). In 2021, Cardone purchased a four-property portfolio totaling 1,688 apartments across Fort Lauderdale, Sunrise, and Weston for $744 million.
Other notable deals included TA Realty’s repurchase of San Merano at Mirasol Apartments in Palm Beach Gardens for $193 million after assuming an existing Freddie Mac loan from Blackstone; Favo Capital’s acquisition of Hollywood’s 1818 Park tower for $190 million via an all-stock transaction; IMT Capital’s purchase of a Boynton Beach complex for $183.5 million using Fannie Mae financing; and Amancio Ortega’s acquisition of Veneto Las Olas tower in Fort Lauderdale for $165 million as part of his global real estate investments.
Additional transactions featured Pantzer Properties’ purchase of a Miramar apartment building for $161 million following its latest fund closing; Property Reserve (affiliated with The Church of Jesus Christ of Latter-day Saints) acquiring Del Ola in Boca Raton for $152.5 million; TA Realty buying Pines West in Pembroke Pines for $118 million; West Shore purchasing Palm Beach Gardens Apartments for nearly $118 million; and Related Fund Management acquiring Mira Delray complex in Delray Beach for almost $117 million.
These deals reflect ongoing adjustments within South Florida’s multifamily sector as landlords respond to shifting economic conditions and evolving investment strategies.
