South Florida’s multifamily real estate market saw significant challenges in 2025, with higher expenses impacting landlords and limiting the size of deals. The largest transaction was the $235 million purchase of 101 Via Mizner in Boca Raton, which occurred through bankruptcy proceedings. The seller had entered Chapter 11 reorganization to avoid foreclosure over a $145 million loan.
No other deal this year surpassed $200 million in value. South Florida’s apartment market, which benefited from increased demand during the pandemic as new residents moved into the region, has faced headwinds recently. Rising insurance costs remain an issue for property owners, although some stabilization has been noted in the past year. Additionally, interest rates rose sharply after eleven Federal Reserve increases in 2022 and 2023, before being cut six times over this year and last.
A surge in new apartment completions led to an oversupply, slower leasing activity, and more concessions offered to renters. According to Realtor.com, average rental rates across South Florida fell by 2.7 percent from November 2024 to November 2025.
In response to financing challenges, some buyers used Freddie Mac and Fannie Mae loans or debt from insurance companies that typically offer better terms. Others assumed sellers’ existing loans or paid cash for properties.
Grant Cardone, known for his social media presence and as a multifamily syndicator promoting his “10X” business platform, partnered with Penn-Florida Companies to acquire the distressed 101 Via Mizner property out of bankruptcy.
“The deal saved Penn-Florida Companies, which had developed 101 Via Mizner and was facing foreclosure from its lender, from losing the building.”
In July, a bankruptcy court approved the purchase by Cardone’s Aventura-based Cardone Capital and Boca Raton-based Penn-Florida for $235 million. The property includes a 14-story building with 366 units at 101 East Camino Real in Boca Raton—amounting to about $642,077 per apartment.
Under the agreement, Cardone Capital contributed $220 million while Penn-Florida provided $15 million. The joint venture plans to convert the building into condominiums with projected unit sales totaling around $400 million.
Penn-Florida completed construction of 101 Via Mizner in 2016 but filed for Chapter 11 protection in January to avoid foreclosure after Blackstone Mortgage Trust initiated proceedings related to a $145 million loan.
Cardone’s notable acquisitions have placed him at the top of The Real Deal South Florida’s annual rankings several times. Last year, funds tied to Cardone Capital spent over $500 million on three Broward County apartment properties: Manor at Flagler Village (382 units), Edge at Flagler Village (332 units), and Laurels at Jacaranda (468 units). In 2021, Cardone acquired a four-property portfolio totaling 1,688 apartments across Fort Lauderdale, Sunrise, and Weston for $744 million.
Other major transactions this year included TA Realty repurchasing San Merano at Mirasol Apartments in Palm Beach Gardens for $193 million; Favo Capital acquiring Hollywood’s 1818 Park tower for $190 million; IMT Capital buying a Boynton Beach complex for $183.5 million; Amancio Ortega purchasing Veneto Las Olas tower in Fort Lauderdale for $165 million; Pantzer Properties acquiring a Miramar building for $161 million; Property Reserve (the investment arm of The Church of Jesus Christ of Latter-day Saints) buying Del Ola apartments in Boca Raton for $152.5 million; TA Realty buying Pines West apartments in Pembroke Pines for $118 million; West Shore acquiring Palm Beach Gardens Apartments for nearly $118 million; and Related Fund Management purchasing Mira Delray complex for almost $117 million.
The Church of Jesus Christ of Latter-day Saints’ real estate investments have drawn attention due to their scale and lack of public financial disclosure requirements. Property Reserve now owns multiple South Florida assets including Beacon Logistics Park in Hialeah and other residential complexes.
This summary is based on analysis by The Real Deal using data submitted by Colliers and CoStar.
