Advenir, Inc. Acquired Vista Verde at Westchester for $197,848 Per Unit
MIAMI, August 15, 2018 – Cushman & Wakefield has negotiated the sale of Vista Verde at Westchester, a 302-unit, value-add apartment community, for $59.75 million. The property is adjacent to Florida International University, a public university with an enrollment of over 55,000 students, as well as a Publix-anchored shopping center.
Vice Chairman Robert Given, Senior Managing Director Troy Ballard, Executive Managing Director Zachary Sackley and Senior Financial Analyst James Quinn with Cushman & Wakefield’s Florida Multifamily Team represented Rilea Group in the disposition. The Miami-based real estate developer invests in value-add multifamily, office and retail properties throughout South Florida.
The buyer is Advenir, Inc., an Aventura, Florida-based real estate investment company that acquires and operates multifamily communities throughout the United States on behalf of high-net worth and institutional investors.
Vista Verde was built in 1993. The property traded for $197,848 per unit, or $263 per square foot. Approximately 20 percent of the units have been updated with stainless steel appliances, granite countertops, new flooring, new cabinetry, new sinks and refinished ceilings.
“The bidding process for this property was very competitive due to its irreplaceable location next to a major university, as well as the lack of available development sites in the surrounding area,” said Given. “Additionally, the opportunity to continue the renovation program presents the buyer with significant potential to further enhance cash flows.”
Units at Vista Verde range from studios to two-bedroom apartments and average 751 square feet. Community amenities include a pool and kiddie pool, fitness center, playground and picnic areas.
The property is situated at 10491 SW 14th Terrace near the intersection of 107th Avenue and Tamiami Trail. In addition to FIU, it also is adjacent to approximately 300,000 square feet of retail in two shopping centers anchored by Publix and YouFit. Other notable tenants include Walgreens, CVS, OrangeTheory Fitness, Five Guys, Menchies, Taco Bus and Smoothie King.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Ballard, Sackley and Quinn, as well as Neal Victor and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Orlando; Luis Elorza and Brad Capas in West Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Rilea Group
Rilea Group is one of the region’s leading development and management firms who has transformed the South Florida landscape with over 8,500,000 square feet of development since their founding in 1981. Based in Miami, Florida, Rilea Group is active in office, residential, and retail development and provides third party services such as project management and fee development. Rilea Group has been recognized for their best practices with awards from ULI, the USGBC, and NAOIP to name a few, including recognition for the first LEED Gold office building in South Florida. To learn more, visit http://www.rileagroup.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida