The Villages at Miami Gardens, a 50-unit apartment complex in Miami Gardens, has been sold for $18.5 million during a period of increased multifamily investment activity in South Florida.
Records and data from Vizzda indicate that the seller is an entity connected to Ronny Ackermann and Jose Rimsky of Hollywood. The buyer is tied to Capital Square, based in Glen Allen, Virginia. According to Vizzda, Capital Square acted as an intermediary for a 1031 exchange, and the identity of the actual purchaser remains undisclosed.
To finance the purchase, the buyer secured a $12 million loan from Fannie Mae. The transaction values each unit at approximately $370,000.
The Villages at Miami Gardens was completed in 2021 and comprises seven two-story buildings on a three-acre site. The complex offers three- and four-bedroom apartments with monthly rents between $3,150 and $3,550. Property records show that the development site was previously acquired by the seller’s entity for $900,000 in 2017.
South Florida has recently experienced a resurgence in multifamily property sales after a slowdown over the past two years caused by higher interest rates and cautious lending practices. During this period, demand eased as developers finished a record number of new units while fewer newcomers arrived in the region.
As year-end approaches, investors are accelerating transactions to finalize deals or adjust their portfolios before closing their books for the year. Notable recent transactions include Morgan Properties’ acquisition of Visions at Willow Pond for nearly $70 million; Tishman Speyer’s purchase of Bell at Broken Sound Apartments for $124.5 million; AEW Capital Management and Mast Capital’s sale of Remi on the River to Valeris Capital for $108.4 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
