RREEF Buys Fourth Residential Property in South Florida for $146M
By Chava Gourarie August 13, 2021 1:13 pm
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RREEF Management has closed on another pricey multifamily purchase in South Florida, its fourth in recent weeks, and all from the same seller.
RREEF, a commercial real estate fund based in Chicago and owned by Deutsche Bank (DB), purchased a Doral rental community for $146.4 million, according to the South Florida Business Journal and property records.
Located at 5400 NW 114th Avenue, the Doral West Apartment Homes holds 388 units,and sits on the edge of Miami-Dade County by the Everglades National Park along the Ronald Reagan Turnpike.
The 533,394-square-foot property last traded for $93.5 million in 2013, records show.
Both San Diego-based Fairfield Residential and Canadian asset management firm Brookfield (BN) Asset Management are listed on public records tied to the sale. Brookfield purchased Fairfield out of bankruptcy in 2010, and then sold a majority stake in the residential firm to CalSTRS, the California state teachers’ retirement system, in 2019.
The Doral deal marks RREEF’s fourth South Florida multifamily acquisition from Fairfield and Brookfield in recent weeks. Earlier this week, the Chicago fund brought two residential complexes in Palm Beach County for a combined $157.5 million. The week before, it purchased another in Pembroke Pines for $121 million.
The Doral West apartments last traded for $93.5 million in 2013, records show.
South Florida’s multifamily market rental remains strong. Average rose 7.9% year over year to $1,831, while occupancy stood at 96.5 percent at the close of 2021’s second quarter, according to data from brokerage Berkardia.
