Greystar Sells Little Havana Rental as Part of $3.6B Portfolio Trade
Another South Florida deal was unearthed in Greystar’s massive $3.6 billion multifamily sellout to Ivanhoé Cambridge.
Greystar, the largest apartment operator in the United States, sold Intown Apartments, a rental property in Miami’s Little Havana neighborhood, for $104.9 million, property records show.
Earlier this month, Montreal-based Ivanhoé Cambridge purchased a portfolio of 30 multifamily properties across the Sun Belt from Greystar, the two real estate investors announced.
Intown apartments is the second South Florida asset to trade in the $3.6 billion sale, according to property records. In the first, Greystar sold a 225-unit apartment building in Pompano Beach for $73.5 million.
In Little Havana, the 14-story Intown Apartments sits along the neighborhood’s main drag at 1900 Southwest Eighth Street, between 19th and 20th avenues. The 525,786-square-foot building features 320 apartments. Monthly rents range between $2,352 and $3,052 for one to three bedrooms, according to Apartments.com.
South Carolina-based Greystar, led by Bob Faith, paid $88.9 million for the property in 2016, which was completed the same year, per records.
Ivanhoé Cambridge, a global real estate investor, held more than $47.5 billion in real estate assets in 1,100 buildings worldwide as of December 2020, according to the company.
Julia Echikson can be reached at firstname.lastname@example.org