Two apartment complexes in South Florida are set to be listed for sale amid a slower multifamily market, according to information obtained by The Real Deal.
Stratford Management, based in Boston, is preparing to sell the 276-unit Riverland Apartments located at 420-432 Southwest 27th Avenue in Fort Lauderdale. The asking price is approximately $90 million. CIX Capital plans to list the 240-unit Village at Mangonia Lake at 2201 North Australian Avenue for about $70 million. Jaret Turkell, who is marketing both properties on behalf of the sellers, provided these details.
The properties are expected to be listed this week. Turkell and Omar Morales from Berkadia are handling the marketing efforts.
Riverland Apartments was completed in 2021 on an 11.1-acre site and consists of seven buildings offering studios as well as one- to three-bedroom units. Monthly rents range from $1,920 to $3,759 based on the property’s website. The asking price translates to about $326,100 per unit. Stratford and Eastham Capital purchased Riverland for $84 million in 2023 and assumed a $55.9 million loan from First Republic Bank during that transaction.
Village at Mangonia Lake was finished in 2019 on a 7.6-acre site with three six-story buildings offering one- and two-bedroom apartments. Rents currently range from $1,850 to $2,160 according to listings on Apartments.com. The asking price is around $291,700 per unit.
The Miami-based developer Resia built Village at Mangonia Lake; property records indicate that ownership remains tied to Resia. However, Turkell noted that São Paulo-based CIX Capital—a firm under Brazil’s Maiz group—is listing the property for sale.
CIX Capital launched its CIX AHS Multifamily Income Bond initiative in 2021 as a co-investment vehicle with Resia targeting multifamily projects and announced plans in 2024 to focus investments specifically on South Florida multifamily assets.
The South Florida multifamily sector has seen significant changes recently following high demand during the pandemic period which led developers to complete many new apartments rapidly. As migration into the region has slowed down more recently, there has been an oversupply of units resulting in lower rents and increased concessions by landlords.
In December last year, median asking rent across South Florida dropped by 3.4 percent compared with the previous year—down to $2,262—according to Realtor.com data (https://www.realtor.com/research/data/).
Jaret Turkell commented that decisions regarding when landlords choose to sell such properties depend not only on current market conditions but also on their initial purchase timing and investment strategies: “Still, the decision to sell a complex also is tied to when the landlord bought the properties and their investment strategy.”
This announcement follows news earlier this month that RFR Realty placed its downtown Miami office tower—100 Biscayne—on the market for approximately $130 million.
