Two newly built Broward County apartment communities have changed hands in separate transactions totaling $227.5 million. Goldman Sachs acquired a 397-unit Davie property for $154.5 million, while Orlando-based Kerra Investments purchased a 228-unit complex in Pompano Beach for $73 million, signaling renewed investor interest in South Florida multifamily real estate.
Key takeaways
- Goldman Sachs paid $154.5 million for the 397-unit Modera Academical Village I in Davie.
- Kerra Investments acquired the 228-unit Aviara East Pompano for $73 million.
- The deals come as South Florida apartment sales and leasing activity show signs of recovery.
- Nearly 28,000 new units expected next year could renew pressure on rents and occupancy.
Goldman Sachs acquires Davie community
A Goldman Sachs affiliate purchased Modera Academical Village I at 3440 Southwest 76th Terrace in Davie from Boca Raton-based Mill Creek Residential, according to property records and real estate data. Mill Creek completed the eight-story, 397-unit community last year.
The 3.1-acre property traded for approximately $389,169 per apartment. The transaction gives Goldman Sachs exposure to a recently delivered asset in a South Florida market where newer communities remain attractive to renters and institutional investors.
Kerra buys Pompano Beach property
Aviara Properties sold Aviara East Pompano, at 1611 South Dixie Highway, to Kerra Investments for $73 million. The property includes two eight-story buildings and a six-story building completed in 2024 on 5.1 acres.
The purchase price equates to roughly $320,175 per unit. Kerra, led by Revital Kling and Eliav Kling, assumed the seller’s existing debt and increased it to $58 million. Ladder Capital provided the financing.
Multifamily market shows tentative recovery
The transactions arrive as investment activity begins to improve after several slower years. South Florida multifamily deal volume reached $2.5 billion during the first half of the year, a 19.4% increase from the same period a year earlier, according to Avison Young.
However, analysts have cautioned that some of the increase may reflect properties placed under contract late last year and closed in 2026. Elevated interest rates, inflation and concerns about another rate increase continue to affect pricing and financing conditions.
Supply remains a concern for landlords
Leasing demand recently moved ahead of new apartment deliveries. In the 12 months through the second quarter, South Florida absorbed 13,774 units, compared with 12,751 completed units, according to CoStar Group.
The improvement may be temporary. Nearly 28,000 apartments are expected to be delivered late next year, potentially renewing competition among landlords. After several years of oversupply, owners have cut rents and increased concessions. The median asking rent in South Florida was $2,279 in July, down 1.3% from a year earlier, according to Realtor.com.
- Goldman Sachs, Kerra Buy Separate Broward Rental Complexes, The Real Deal.
- Goldman Sachs fund buys Davie apartments for $154.5M, The Business Journals.