Investors Hunt for Value Adds Away from Miami
Strong demand for apartments in South Florida isn't limited to Miami, and that means that investors are keen for value-adds in other markets, such as Palm Beach County.
Recently Aventura-based Advenir acquired the 328-unit Class-B La Costa from REEF for nearly $37M. Advenir chief acquisition officer Todd Linden (with Neil and Ari Linden) tells us that his company can add value to the property, which it has rechristened Advenir@La Costa. La Costa is the second apartment complex Advenir has bought in Palm Beach, and Todd says the company wants more as rental housing demand continues to climb.
The previous owner upgraded 30 units, which are now obtaining premium rental rates, Todd says. Advenir plans on spending $4M on capital improvements to enhance the property exterior and amenities, and upgrade the remaining 298 original units—and drive rents. The deal comes about six months after Advenir acquired Advenir@Banyan Lakes, a 288-unit apartment property about 2.5 miles south of Advenir@La Costa, for $30M. Advenir repped itself in the deal, while CBRE's Robert Given and Zachary Sackley repped REEF.