- What Three multifamily properties are on the block in Florida
- Why Combined, the trio could be worth US$312m
- What next CBRE, Walker & Dunlop and Newmark each have a listing
An Ivanhoe Cambridge joint venture is shopping three value-added apartment properties in Florida that could fetch US$312m ($430.7m) combined, Green Street News can reveal.
The Montreal-based investment giant and its partner, Greystar, have tapped different brokers for each offering. In Miami, CBRE has the listing for the 320-unit InTown Little Havana, which is valued around US$125m, or US$390,000/unit.
In Tampa, Walker & Dunlop is shopping the 400-unit Avana Westchase for about US$112m, or US$280,000/unit. And Newmark is marketing the 225-unit Avana Bayview, in Pompano Beach, for a little more than US$74 million, or US$330,000/unit.
In November 2021, Ivanhoe, the real estate investment arm of Caisse de Depot et Placement du Quebec, recapitalized a 30-property portfolio from Greystar that included the offered properties. The deal valued the 10,000-unit package, held in the US$1.25bn Greystar Equity Partners 9, at US$3.6bn, or US$360,000/unit.
It was widely reported at the time as a full sale, but Charleston, S.C.-based Greystar still retains an unspecified stake and manages the portfolio.
Miami
InTown, at 1900 SW Eighth Street in Miami’s Little Havana neighborhood, was built in 2016 and is 95% occupied. It was valued around US$105m, or US$328,000/unit, at the time of the Ivanhoe recap.
The property comprises two 14-story towers with one- to three-bedroom units that rent for an average of US$2,714. There’s also 20,000 sq ft of ground-floor retail space that’s fully leased. Amenities include a pool, a fitness centre, a business centre and car-charging stations.
Part of the pitch is that a buyer could lift rents by US$200 by updating units and amenities. The average tenant income at the property is over US$210,000.
Tampa
The second offering, Avana Westchase, was built in 2002 at 12201 Lexington Park Drive, within the 2,000-acre Westchase planned development. It was valued at approximately US$109m, or US$272,000/unit, in 2021.
Apartments range from one to three bedrooms and average 1,169 sq ft. Just over half are townhouse-style units. The average rent is US$2,087, or US$1.79/sq ft.
There are 815 parking spaces across the 22.4-acre property, and nearly 40% of the units have direct-access one- or two-car garages. The average tenant income is US$163,000.
Pompano Beach
The Pompano Beach property, Avana Bayview, was built in 2004 on 4.2 acres at 1631 South Federal Highway. It’s 94% occupied. It was valued at roughly US$73.5m, or US$327,000/unit, in 2021.
The midrise complex has one- to three-bedroom units that average 1,061 sf and rent for an average of US$2,523, or US$2.39/sf. Interiors have quartz counters, full-size washer/dryers, walk-in closets and balconies or terraces. Some units have wood-style plank flooring.
Amenities include a pool, a fitness center, a clubhouse, a business centre and package lockers. The listing includes a 4,300 sq ft retail outparcel.
Marketing materials note that there’s room for a buyer to update some of the apartments, as 123 units are partially renovated and another 23 are in their original state.
The complex is close to 8m sq ft of retail space, including grocery and big-box stores. The average income within a mile of the property is US$122,000.
