Nuveen Real Estate purchased an apartment complex in Blue Lagoon near Miami International Airport for $ 98 million.
Pinnacle and Ascend Properties have sold the LaVida Apartments, a pair of eight-story apartment buildings at 6600 Northwest Seventh Street, near the Waterford business district.
The two companies developed the 272-unit lakefront project in 2019 on 7.4 acres. Ascend, through a subsidiary, purchased the land for $ 7.6 million in 2015.
Robert Given and Troy Ballard were part of a team from Cushman & Wakefield that led the marketing and negotiated the deal. The sale of the fully leased community has closed for $ 360,294 per unit.
LaVida, which overlooks a lake to the south, includes one-, two- and three-bedroom apartments ranging from 728 to 1,295 square feet, according to a statement. The Apartments.com rental listings website indicates that the monthly rent charged for a bedroom ranges from $ 1,810 to $ 2,085.
Units include a patio, porcelain floors, quartz countertops, and a full-size, stackable washer and dryer, according to the release.
Designed by Behar Font & Partners, LaVida also has an hourglass-shaped swimming pool, jacuzzi, two garages, a clubhouse, grills, a gym with a yoga studio, a gourmet café-bar and Wi-Fi in common areas.
Pinnacle, based in Miami-Dade County, has developed nearly 10,000 units, both luxurious like LaVida as well as affordable housing and workforce housing, in Florida, Texas and Mississippi, according to its website. Louis Wolfson III, Michael Wohl and David Deutch founded Pinnacle in 1997, Wolfson and Deutch remaining as current partners with Mitchell Freidman.
Multifamily developer Ascend is based in Boca Raton and led by Wohl, Richard Finkelstein and Dean Borg.
Pinnacle and Ascend secured a $ 46.4 million construction loan in 2017 for LaVida, which they originally named Oasis in Blue Lagoon.
Chicago-based Nuveen Real Estate, a global real estate investment arm of TIAA, also co-owns the Waterford Business District, one of the county’s largest office parks with prominent tenants such as FedEx and Nicklaus. Children’s Hospital. Subway rented space there in March for its marketing and kitchen staff as well as its regional office in Latin America.
The top-priced LaVida sale comes amid a host of multi-family offerings across South Florida, in light of unprecedented rental rate increases fueled by demand from newcomers and locals alike.