FCP Buys West Miami Apartments At A Discount: The South Florida Deal Sheet
Federal Capital Partners purchased the District West Gables, paying less than the seller, Waterton Residential, spent on the property almost a decade ago.
FCP purchased the 427-unit apartment complex in West Miami for $111M, according to property records provided by Vizzda.
Waterton purchased the two buildings in 2016 and 2017 for a combined $116M, the South Florida Business Journal reported.
The two seven-story buildings at 2001 and 2101 Ludlam Road, built in 2015 and 2016, have studio, one-, two- and three-bedroom units that range between 550 SF and 1,250 SF, according to Apartments.com.
FCP told the SFBJ that it hired Greystar to manage the property and launch a value enhancement program to upgrade the common areas, amenities and interiors of the units.
SALES
Redfearn Capital and TPG Angelo Gordon & Co. purchased an industrial site in Miramar for $24M, according to property records provided by Vizzda.
The seller of the three buildings, which total 98K SF on nearly 8 acres, was an entity tracing back to Chilean developer Megacenter Miramar LLC, led by Jose Mendoza.
The three warehouses were built in 1997, 2019 and 2022 at 7377, 7401 and 7429 Riviera Blvd.
Tenants include Vet Brands International, Community Craft Spirits & Wine, Intelligent Security Systems, Install Construction, Zanella International, LSJ Events, DGS Defense Corp., Fightline USA and Open Padel, according to a release.
FINANCING
PPG Development, Ark Ventures and EquiShares scored a $235M financing package for a 728-unit multifamily project in North Miami Beach, Traded reported.
The loan breaks down to a $205M construction loan from BDT & MSD Partners to build Palm Aire, along with $30M in preferred equity from Skylight Real Estate Partners and Meadow Partners.
Rosewood Realty Group’s Aaron Jungreis and Alex Fuchs represented Skylight and Meadow. Aaron Kurlansky of Sheridan Capital represented the borrowers and BDT & MSD, The Real Deal reported.
The project is being built on the former Nova Southeastern University dental school campus.
Designed by Kobi Karp, the 8-acre project at 1750 and 1775 NE 167th St. will be built in phases to allow for newly finished market-rate apartments to lease up before bringing more units, PPG Chief Operating Officer Miriam Ungar told TRD.
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MetLife Investment Management and MDM Group landed a $79M refinancing loan from Madison Newbond, a lending platform formed by Madison Realty Capital and Newbond Holdings, for the JW Marriott Marquis Miami, according to a release.
The three-year, floating-rate loan will be used to refinance the 41-story hotel at 255 Biscayne Blvd. Way, which was completed in 2010. The JLL Capital Markets team of Paul Stasaitis, Kevin Davis, Mark Fisher and Henry Winchester represented the borrower.
The Downtown Miami property holds 357 hotel rooms, separated into 313 JW Marriott rooms and 44 luxury Hotel Beaux Arts rooms under Marriott’s Autograph Collection brand.
The hotel, connected to the 47-story Wells Fargo Center office tower, also features 80K SF of meeting and event space and a 20K SF grand ballroom. Other amenities include the Boulud Sud restaurant by chef Daniel Boulud, a spa, a basketball court, a gym, a golf simulator and a pool.
The refinancing follows a $16M renovation finished in 2023, which updated guest rooms and common areas.
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Woodglen Investments scored $23M in construction financing from Catal Capital for a self-storage facility in West Palm Beach, according to a release.
Kirksey Commons is a planned 93K SF facility at 1501 N. Dixie Highway. The project is set to deliver 748 self-storage units, 9K SF of commercial flex space and 57 parking spaces.
A Colliers Capital Markets team led by Dylan Kane and Zach Redding handled financing on behalf of the developer.
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Coral Gables-based The Astor Cos. resumed vertical construction on the Havana Enclave after securing a $36M construction loan from Ocean Bank, according to a release.
Astor, led by Henry Torres, is planning to complete the 179-unit apartment building in Little Havana at the beginning of 2027. Havana Enclave will have studio, one- and two-bedroom apartments at 315 NW 27th Ave.
The project will feature a pool, barbecue area, gym, business center, meeting room, pet washing station and children’s playroom.
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Grand Peaks Properties and Artemis Real Estate Partners scored a $58.3M loan to refinance The Olivia apartments in Homestead, according to a release.
Berkadia originated the Freddie Mac-backed seven-year, floating-rate loan. A Berkadia team of Mitch Sinberg, Michael Basinski, Patrick McGlohn, Scott Wadler, Brad Williamson and Matt Robbins arranged the deal.
The 288-unit complex, built in 2018, is situated at 14981 SW 283rd St. The joint venture acquired the property in 2021 from Alcazar Development Group for $70.5M, according to property records provided by Vizzda. Grand Peaks and Artemis have been investing in property upgrades over the last three years.
Across 13 three-story buildings, the complex features one-, two- and three-bedroom apartments ranging between 660 SF and 1,280 SF. Pricing for units starts at $1,750 and inches up toward $2,590, according to Apartments.com. Amenities for the property are a pool and a clubhouse with a business center, gym and coffee bar.
LEASES
Stearns Weaver Miller Weissler signed a 96K SF lease renewal at the Museum Tower in Downtown Miami, according to a release.
The landlord, Moishe Mana's Mana Properties, was represented by a Colliers team of Stephen Rutchik and Ana Paula. A Blanca Commercial Real Estate team of Tere Blanca, Grant Gassman and Chris Harak represented the tenants.
Mana recently renovated the building at 150 W. Flagler St., updating the lobby, concierge and gym.
The firm is also expected to open a restaurant on the ground floor, as well as Mana Hubs coworking space tailored to legal professionals. Mana, the area's largest property owner, is also planning to develop a membership club next door for the legal community.
PEOPLE
Native Realty, led by Jaime Sturgis, welcomed two new brokers, Jeff Dysart and Connor Gordon, according to a release.
Dysart, with 12 years of experience in the industry, will work with developers and general contractors on multifamily projects in Miami-Dade, Broward and Palm Beach counties. While the broker's focus will be on multifamily projects, he will also handle retail and industrial deals.
Gordon graduated from the University of Florida in May, according to his LinkedIn profile. His responsibilities at Native will center on industrial leasing and investment sales.
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Avison Young hired Nikki Traff as principal in the firm’s Fort Lauderdale office, with a focus on expanding retail service efforts, according to a release.
Traff, who has 20 years of experience representing retail landlords, is joining Avison Young from Colliers, where she served as executive vice president and led retail services for retail properties.
