Bar Invest Buys Margate Multifamily Property for $93M
By Julia Echikson December 14, 2023 2:29 pm
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Bar Invest Group bought a multifamily community in Broward County for $93 million, property records show.
The property, called Pinebrook Pointe, houses 45 three-story buildings at 3495 Pinewalk Drive, just south of West Sample Road in Margate, Fla. The 394-unit property was completed in 1989.
The sale equates to roughly $236,000 per apartment. The Coral Gables-based buyer secured a $50 million mortgage from BankUnited.
The seller, Blackstone (BX)-affiliate LivCor, purchased the 451,337-square-foot property for $70 million in 2017, per records. Representatives for Bar Invest and LivCor did not immediately respond to a request for comment.
Pinebrook Pointe’s sale is one of the largest South Florida multifamily transactions in recent months. Sales have plummeted from the pandemic-fueled high as interest rates have risen. In the first half of 2023, South Florida’s total dollar volume for multifamily acquisitions dropped by $2.8 billion, and the average price of a unit had fallen by $78,069 to $341,196 from the same time last year, according to a Berkadia report.
The largest multifamily sale since the Pinebrook Pointe deal was back in June when Related Group and Rockpoint sold a newly completed apartment complex in Lantana, Fla., for $138 million. Coming close to Pinebrook Pointe’s sale price was The CaraCo Group of Companies’ $73 million purchase of a newly completed multifamily property in Tamarac, Fla., last month.
Julia Echikson can be reached at jechikson@commercialobserver.com.
