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Codina Partners Secures Full Ownership Of 19-Story Downtown Doral Apartment Tower

Codina Partners is further spreading its wings in Downtown Doral, securing full ownership of Palma Tower One with a $124M refinancing deal.

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Palma Tower One at 5225 NW 84th Ave.

The loan from New York-based HPS Investment Partners closed Dec. 23, enabling Codina Partners to fully acquire the 19-story apartment tower. It bought out Atlanta-based Invesco’s 55% stake in the property at 5225 NW 84th Ave. for $98M, according to a Codina Partners representative.

“We are thrilled to take full ownership of Palma Tower One and have the opportunity to continue to shape the growth and success of this exceptional mixed-use complex,” Codina Partners CEO Ana-Marie Codina Barlick said in a statement.

The 231-unit apartment complex, originally known as 5250 Park Venture, broke ground in 2017 after securing a $41.4M mortgage from Wells Fargo and was completed in 2019. The mortgage was issued to 5250 Park Venture LLC, an entity affiliated with Codina Partners and an institutional client advised by Invesco, the South Florida Business Journal reported.

The building is 94% occupied, according to a Codina Partners representative.

While Coral Gables-based Codina Partners co-owned Palma Tower One with Invesco, Codina maintained full ownership of its sister tower, Palma Tower Two, at 5250 NW 84th Ave. That 228-unit apartment complex was completed by Codina Partners in 2023 following a $55.7M construction loan from Wells Fargo, the SFBJ reported.

The refinancing will aid in long-term plans for the two Palma towers, according to a release. JLL Capital Markets’ Paul Stasaitis arranged the loan.

The complex totals 459 units ranging from one to three bedrooms and between 600 SF and 1,500 SF. Rents start at $2,555 and go up to $4,320, according to Apartments.com.

The Palma Tower complex is part of the Downtown Doral development, a 250-acre mixed-use project under the direction of Codina Partners and led by Codina Barlick, the daughter of Executive Chairman Armando Codina.

The phased development offers more than 40 shops and restaurants, 150K SF of Class-A office space, more than 10,000 residential units and two charter schools, according to Codina Partners’ website.

The Coral Gables-based company has maintained a steady pace of activity in the area.

In June, Codina Partners announced plans for Sevilla, a seven-story building that will hold 412 apartments on a 4.2-acre lot. The project, approved by the city of Doral, will mark Codina’s third residential development in Downtown Doral, The Real Deal reported.

Related Topics: Codina Partners, Downtown Doral