A pair of apartment complexes in South Florida are set to be listed for sale as the region’s multifamily housing market slows compared to the surge seen in recent years.
Stratford Management, based in Boston, is preparing to sell the 276-unit Riverland Apartments located at 420-432 Southwest 27th Avenue in Fort Lauderdale. The asking price is approximately $90 million. Meanwhile, CIX Capital is planning to list the 240-unit Village at Mangonia Lake at 2201 North Australian Avenue for about $70 million. Jaret Turkell, a broker with Berkadia who is representing both sellers alongside Omar Morales, provided these details.
Both properties consist of market-rate rental units and are expected to come on the market this week.
Riverland Apartments was completed in 2021 on an 11.1-acre site and consists of seven buildings offering studios and one- to three-bedroom apartments. According to the property’s website, monthly rents range from $1,920 to $3,759. The current asking price translates to about $326,100 per unit. Stratford Management and Eastham Capital acquired Riverland for $84 million in 2023 by assuming a $55.9 million loan from First Republic Bank.
Village at Mangonia Lake was finished in 2019 on a 7.6-acre parcel and features three six-story buildings with one- and two-bedroom apartments renting from $1,850 to $2,160 per month according to Apartments.com. The listing price comes out to roughly $291,700 per unit. Miami-based Resia developed the complex and maintains ownership ties; however, Turkell noted that São Paulo-based CIX Capital—part of Brazil’s Maiz investment firm—is now selling the property.
CIX Capital established its CIX AHS Multifamily Income Bond in 2021 as a co-investment vehicle with Resia focused on multifamily assets and announced plans in 2024 to direct more investments toward South Florida’s multifamily sector.
The broader South Florida multifamily market has been adjusting after a period of rapid growth during the pandemic that brought significant demand and rising rents. Developers responded with new projects but now face excess supply amid slower population growth into the area, which has contributed to falling rents and increased concessions for tenants.
According to Realtor.com data from December, median asking rent across South Florida reached $2,262—a decrease of 3.4 percent compared with the previous year.
Turkell commented on how sales decisions depend not only on market conditions but also when owners purchased their properties and their overall investment strategy: “The decision to sell a complex also is tied to when the landlord bought the properties and their investment strategy.”
This wave of listings follows RFR Realty’s move earlier this month putting its downtown Miami office tower—100 Biscayne—on the market for about $130 million.
