Waterton Residential has sold the 427-unit District West Gables apartment complex in West Miami for $111 million, representing a 4.7 percent discount from its original purchase price nearly ten years ago.
The buyer, Federal Capital Partners (FCP) of Chevy Chase, Maryland, acquired the property from Chicago-based Waterton. The sale price breaks down to about $259,953 per unit. Public records show that Waterton had purchased the two-building complex at 2001 and 2101 Ludlam Road/Southwest 67th Avenue for a combined $116.4 million through two separate transactions in 2016 and 2017.
Estate Companies, based in South Miami and led by Robert Suris and Jeff Ardizon, developed District West Gables under its Soleste multifamily brand. The first building at 2101 Ludlam Road was completed by Estate in 2015 and sold to Waterton for $57.4 million in 2016. The second building at 2001 Ludlam Road was finished in 2017 and sold that year to Waterton for $59 million.
District West Gables sits on a 4.1-acre site and features studios as well as one- to three-bedroom apartments, according to property records and Apartments.com listings. Asking rents are not currently available.
FCP’s acquisition is part of a broader push into South Florida’s multifamily market; this marks the firm’s third such investment within a year. In December, FCP paid $67.5 million for the Solena Miramar complex with 250 units located at 3155 Southwest 147th Terrace in Miramar. In February, FCP bought Arium Sunrise with its 400 units at 1501 Northwest 124th Terrace in Sunrise for $90 million.
Since its founding in 1999, FCP—led by CEO Garland Faist—has invested or financed more than $14.6 billion nationwide across residential and commercial properties and now manages six funds totaling $4.2 billion in assets.
According to FCP’s news release announcing the purchase, plans call for renovations to common areas, amenities, and apartments at District West Gables; Greystar has been hired as property manager. No mortgage was recorded with this transaction—a sign that FCP likely paid all cash.
The discounted sale reflects current trends within South Florida’s multifamily sector: after a surge during the pandemic era, higher interest rates along with increased supply have slowed investment sales activity while rents have flattened or declined slightly over the past two years.
Data from CoStar indicates developers delivered a record 18,600 new apartments last year, surpassing net leases signed by renters which totaled around 15,000 during that period.
Recent months have seen an uptick in apartment sales activity as investors seek alternatives to traditional bank financing—including all-cash purchases or using government-backed loans from Freddie Mac or Fannie Mae—or assuming sellers’ existing loans when possible.
Notable recent deals include Spanish billionaire Amancio Ortega’s all-cash acquisition of Veneto Las Olas—a Fort Lauderdale tower—for $165 million; Related Fund Management secured a Freddie Mac loan of $59.1 million for its $116.9 million purchase of Aura Delray Beach; The Milestone Group assumed an existing seller loan plus additional debt from Fannie Mae when buying Casa Brera near Boynton Beach last month.
