Aimco Sells Apartment Complex For $69M: The South Florida Deal Sheet
Denver-based Apartment Investment and Management Co. sold off a 372-unit apartment complex in Plantation for $69M.
Harbor Group International purchased the property and assumed the mortgage with Fannie Mae in its original principal amount of $60M, originated from JLL Real Estate Capital, according to property records provided by Vizzda.
Plantation Gardens Apartment Homes at 7616 NW Fifth St. in Plantation spans 16 one- and four-story buildings constructed in 1974. The one- and two-bedroom apartments cost between $1,775 and $2,365 a month, according to Apartments.com.
The sale comes after Aimco in November announced plans to sell off all of its assets.
One of the company's most notable deals in the last few months was the sale of 4.25 acres at 1001 and 1111 Brickell Bay Drive to Oak Row Equities and OKO Group for $520M — the priciest land deal in South Florida history.
SALES
Entities tracing to Summit Ventures sold a mixed-use retail and office center in Jupiter to an affiliate of hedge fund Voloridge Investment Management, according to property records provided by Vizzda.
The investment firm acquired two buildings totaling 94K SF in Harbourside Place for $57.6M. The first half of the deal is a 51K SF building with 15K SF of retail and 32K SF of office at 110 Front St. The second half is a 42K SF building at 115 Front St. with 12K SF of retail and 28K SF of office.
The rest of Harbourside Place is still owned by Summit Ventures, led by Nicholas Mastroianni, Commercial Observer reported.
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An entity connected to Provident Resources Group purchased 1.3 acres in Sweetwater from a Florida International University student housing entity for $22M, according to property records provided by Vizzda.
The deal was funded by $233M, $2M and $5M in student housing revenue bonds with Wilmington Trust as the trustee. The city of Sweetwater provided another $10M in debt.
The site at 10742 SW Fifth St. has proposals for a 20-story student housing project for 820 students. Units would span studios, two-bedroom, four-bedroom and five-bedroom options.
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Excelsior Care Group purchased the Yamato Nursing Home and Rehabilitation Center in Boca Raton from Welltower, formerly Health Care REIT, for $20M, according to property records provided by Vizzda.
The deal was financed by a $160M cross-collateralized seller-carried loan.
The 180-bed, 76K SF facility was built in 1984. Yamato Nursing Home at 375 W. Yamato Road offers short-term inpatient rehabilitation care, long-term residential options and outpatient rehabilitation, according to its website.
The deal was part of a Palm Beach County portfolio sale. The Isles Nursing and Rehabilitation Center in Boynton Beach also sold for $20M. Heartland Nursing & Rehab Center in Boynton Beach and West Delray Nursing and Rehabilitation Center in Delray Beach sold for $13M each.
FINANCING
An affiliate of Cymbal DLT landed a $34M refinancing and predevelopment bridge loan for Phase 2 of The Nautico District project in Fort Lauderdale from Linkvest Capital, according to a release.
Linkvest provided the loan, originated by Camilo Niño, Ricardo Uribe and Alen Hernandez, through its lending arm, LV Lending. The loan funded $20.5M at closing, and the $13.8M will become available upon completion of predevelopment milestones.
Milestones include finalizing the architect and engineering partners during the first half of 2026 and finalizing design and documentation by the end of the year. Through 2027, the developer will launch sales, complete construction drawings, choose a general contractor and make infrastructure preparations ahead of construction, a spokesperson told Bisnow.
The second phase is part of The Nautico District, a $1.5B project on 6.5 acres at 408 SW Fourth St. and 400 SW Third Ave. in Fort Lauderdale. Developed by Cymbal DLT, it is planned to include 360 multifamily units, 200 condos, a 119-key hotel, a 90-slip marina and more than 30K SF of retail.
CONSTRUCTION AND DEVELOPMENT
Four West Developers launched its plans for an office and retail condo project in Hallandale, according to a release.
The $85M project is planned to rise eight stories at 400 W. Hallandale Beach Blvd.
Office suites, which start at $199K, will range from 250 SF to 1,770 SF. There are eight retail spaces ranging from 1,515 SF to 2,390 SF.
Unit owners will have access to 18K SF of wellness-focused amenities like a cold plunge pool, a sauna, a gym, pickleball and padel courts, and a social lounge. They will also have access to conference rooms, a podcast studio, a library and concierge services.
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The Dermot Co. is updating the amenities to the 350-apartment The Quaye at Wellington and renaming it Ryder Place at Wellington, according to a press release.
The landlord is dishing out $2M to add a sauna, cold plunge, yoga room, indoor children’s playroom, outdoor recreation area, cabanas and a fire pit. The investment will also upgrade the gym, pool area, landscaping, leasing office, playground and dog park.
The Dermot Co. paid $144M for the apartments in 2024.
Units span between 890 SF and 2,160 SF, according to Apartments.com. The one-to-four-bedroom apartments are priced between $1,995 and $7,630.
PEOPLE
Miami Association of Realtors CEO Teresa Kinney is retiring after 33 years, according to a release.
Kinney will transition to CEO emeritus to oversee the leadership transition and move into a one-year consulting agreement. Miami Realtors has hired a national search firm to find the organization's new CEO.
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Savills hired Tom Viscount as a new executive managing director of industrial services in the South Florida office, according to a release. With more than 20 years of experience, Viscount advises industrial landlords and tenants.
Viscount will lease and expand Savills' industrial services across Florida — starting in Miami-Dade, Broward and Palm Beach counties. He is joining the team from Avison Young, where he served as principal.
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Gaia Real Estate appointed Samantha Fields as director of investment relations, according to a press release.
Fields is relocating from New York City to the Miami office and will lead capital raising and investor relations initiatives. She has more than 20,000 residential units and $4B of assets under management.
She previously worked at Carlyle Group, Riverside Co. and Peakhill Capital.
LEASES
The city of Coral Gables leased more than 10K SF at the 14-story 2020 Ponce for the Finance Department, the city manager and city attorneys, according to a release.
The Finance Department will occupy 3,600 SF on the ground floor. The city manager and city attorney offices will operate out of 6,870 SF on the 12th floor. Savills’ Donna Abood and Peyton Dowd handle leasing at the 130K SF tower at 2020 Ponce de Leon Blvd., owned and developed by Florida East Coast Realty.
