Pantzer Buys Coral Gables Rental for $98M
By Julia Echikson May 8, 2023 2:40 pm
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Pantzer Properties dropped $97.5 million to buy an apartment building in Coral Gables, Fla., property records show.
Located a block south of Coral Way at 2263 SW 37th Avenue, the six-story Milagro Coral Gables holds 237 apartments. The sale equates to $411,392 per unit, and rents range between $2,460 and $3,995 for one to three bedrooms, according to Apartments.com.
JLL Real Estate Capital provided Pantzer with a $58.5 million acquisition loan that is set to mature in five years.
The seller was Wafra, an investment firm backed by Kuwait’s public pension fund. Wafra purchased the 407,265-square-foot property for $78.2 million in 2017, four years after its completion, per records.
The Coral Gables deal marks Pantzer’s latest South Florida acquisition. The New York-based multifamily investor’s largest deal in the region was the purchase of the newly completed Boulevard apartment complex in Miami’s MiMo district for $175 million last year, according to The Real Deal.
Also in 2022, the firm paid a combined $145 million for two rental properties in Palm Beach County, The District Flats and Solera at City Centre Apartments. In 2021, Pantzer bought The Point at Southern Blvd in Royal Palm Beach from Related Group for nearly $120 million.
Representatives for Pantzer Properties and Wafra did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
