Greystar Acquires Avana at the Moors: A Significant Addition to South Florida’s Multifamily Market
Charleston-based real estate firm Greystar has made headlines with its recent acquisition of the Avana at the Moors complex in an unincorporated area of Miami-Dade County. The property, located at 6200 Northwest 173rd Street, was purchased from New York-based Nuveen Real Estate for $65.5 million, backed by a Freddie Mac loan.
Property Overview
Location and Renovation
Formerly known as Latitudes at the Moors, Avana at the Moors is situated in the desirable Country Club neighborhood near Miami Gardens. The complex offers a blend of residential options, including one- and two-bedroom apartments that range from 738 to 1,011 square feet.
- New Name: Avana at the Moors
- Previous Owner: Nuveen Real Estate, which acquired the property for $71.3 million in 2018
- Original Construction: Completed in 1989 on a 12.1-acre site
- Building Layout: Comprises 12 three-story buildings and three one-story buildings
Rental Information
Currently, rental prices for the apartments have not been disclosed, but the well-maintained facilities are expected to attract interested renters.
Nuveen’s Market Activity
Nuveen has been actively reshaping its portfolio over the past year, focusing on selling certain assets in South Florida. Notable transactions include:
- Shoppes at Monarch Lakes: Sold for $16.4 million in April 2023
- Manor in Plantation: 197-unit complex sold for $49.4 million, marking a 5% discount from its 2014 purchase price
- 701 Brickell Office Tower: A significant sale at $443 million to Elliott Investment Management
Despite divestments, Nuveen remains committed to the tri-county region, partnering with SJC Ventures in Doral for a new Whole Foods-anchored shopping center.
Greystar’s Continued Investment in South Florida
Led by CEO Bob Faith, Greystar has a strong presence in South Florida’s real estate market. Recent highlights include:
- Coconut Creek Purchase: Acquired a 36-acre site for $30.5 million, approved for a large-scale industrial project
- Elan Polo Gardens: A 284-unit apartment complex sold for $102.4 million in January 2023
The firm continues to navigate a multifamily landscape that has been fluctuating amid rising interest rates and tighter lending conditions.
The Multifamily Landscape in South Florida
The multifamily real estate market in South Florida has experienced a shift as investment activity becomes more selective compared to the boom years of 2021 and 2022. Recent transactions reflect this trend:
- Griffis Residential: Acquired a 15-story, 223-unit building in West Palm Beach for $87 million
- Ponte Gadea: Spanish billionaire Amancio Ortega’s firm purchased the Veneto at Las Olas tower for $165 million
Key Takeaways
- Investment Trends: The multifamily market continues to attract attention despite challenges like elevated interest rates.
- Future Developments: Investors are keeping a close eye on emerging projects that may reshape the real estate landscape in South Florida.
For more insights into South Florida’s multifamily market and investment opportunities, visit Vizzda and stay updated on real estate news.
As the market evolves, Greystar’s recent acquisition strengthens its foothold while highlighting the dynamic nature of investment trends in South Florida’s real estate sector.