Crow Holdings Buys Davie Apartments For $97M: The South Florida Deal Sheet
Crow Holdings has purchased a 15-acre multifamily site in Davie for nearly $100M.
An affiliate of the Texas-based real estate investment and development firm purchased the 33 West Apartments from a Clarion Partners entity for $97.5M, according to property records provided by Vizzda.
The 376-unit complex was built in 2013 at 6300 SW 24th Place. Totaling 409K SF, units are spread across 14 three-story and two one-story buildings. The deal comes out to about $259K a unit.
A separate Clarion Partners affiliate, AVR Davie LLC, purchased the property for $78.8M in 2014, according to Broward County property records.
The community has one-, two- and three-bedroom units that range from 640 SF to 1,440 SF, with rents between $2,205 and $2,770, according to its website.
SALES
Baptist Health purchased two South Florida properties for a total of $40M, according to property records provided by Vizzda.
A Baptist Health South Florida entity purchased the ground lease for Bethesda Hospital West from The Greenfield Group in Boynton Beach for $26M.
The lease at 9868 State Road 7 was originally executed between the two parties, with Boca Raton-based Greenfield leasing the property out to Baptist Health South Florida in 2022. The 66K SF medical office building was built in 2013.
In the second deal, Baptist Health purchased a 26.3-acre development site at 12401 W. Oakland Park Blvd. from the city of Sunrise for $14.2M. A seven-story hospital totaling 371K SF with 100 beds is proposed on the site, as well as a five-story parking garage with 1,050 parking spaces.
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The Related Group purchased the former headquarters of Office Depot from Pebb Enterprises and BH Group for $50M, according to property records provided by Vizzda.
Pittsburgh-based PNC Bank funded the deal for the 8-acre redevelopment site with a nearly $37M loan. Related plans to build a 500-unit multifamily development.
The eight-story building would have 220 one-bedroom, 205 two-bedroom and 75 three-bedroom units, 51 of which would be allocated to affordable and workforce housing.
CONSTRUCTION AND DEVELOPMENT
Foundry Commercial is planning to develop a 182K SF industrial project in Pompano Beach on the parking lot of the former Festival Flea Market, according to a release.
Foundry acquired the land in June with Crow Holdings for $23M. The pair now plans to build two warehouses in a project called Festival South. The development marks Foundry’s 21st development in South Florida, adding to the company's 10M SF national portfolio.
Resia completed its 420-unit, four-building Miami multifamily complex, Resia Golden Glades, according to a release.
The bathrooms and kitchens in each unit were built at Resia’s facility in Georgia, operated by its manufacturing arm, Resia Manufacturing.
Amenities for the five-story complex include a gym, pool, playground and clubhouse. The community at 550 NW 161st St. also includes a 705-space parking garage.
LEASES
Hillsboro Center in Deerfield Beach reached 90% occupancy after signing two new leases, according to a release.
The Corradino Group, a transportation engineering and planning company, inked a lease for 27K SF. The office will serve as the command center for the Florida Department of Transportation’s Southwest 10th Street Connector Project, a $1.3B project that will link the Sawgrass Expressway to I-95. The company was represented by 15 Properties’ Kathryn Gillespie.
The second lease is with Wemlo, a fintech subsidiary of Re/Max Holdings that offers third-party mortgage loan processing services. The company, represented by Candy Yeung of Re/Max Consultants Realty 1, leased 3K SF at the office, situated at 600 W. Hillsboro Blvd.
The landlord, Grover Corlew, was represented by CBRE’s Joe Freitas, John Criddle, Max Pawk and Nicholas Mulligan.
FINANCING
MMG Equity Partners landed $38M from Synovus to refinance a four-property Miami-Dade retail strip center portfolio, according to a release.
MMG acquired the properties — Pinecrest Center at 11975 S. Dixie Highway, Pinecrest Shoppes at 11635 S. Dixie Highway, Westlake Plaza at Bird Road and 109th Avenue, and Naranja Plaza at 27000 S. Dixie Highway — between 2018 and 2020 for a total of $29M.
Tenants in the 127K SF portfolio include Key Foods Supermarket, Sergio's Restaurant, Veterinary Emergency Group, Dollar General and O’Reilly Auto Parts.
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Black Salmon and Bridge Investment Group refinanced the Wynwood Haus apartments that they completed last year with a seven-year, fixed-rate, $56M Fannie Mae loan, according to a release.
The 224-unit multifamily project at 1765 N. Miami Ave. is 94% occupied, with studios, one- and two-bedroom units that are all dedicated to workforce housing for those earning 100% to 140% of the area median income.
The 20-story building has a pool, conference room, gym, coworking areas, a library, a resident lounge and a pet grooming station. The project also has nearly 7K SF of ground-floor retail.
Berkadia’s Brad Williamson, Scott Wadler, Chris Ellis, Mitch Sinberg, Matt Robbins, Abigail Beauchamp and Jarade Hill arranged the financing on behalf of Black Salmon and Bridge Investment.
PEOPLE
Colliers has tapped Frankie Castellanos as vice president in its Miami office, according to a release.
Castellanos joins the industrial services team with Executive Vice President Erin Byers and Senior Vice President Lauren Pace. He previously worked as a director with Cushman & Wakefield’s corporate advisory group, leading portfolios, site selections and lease negotiations.
