Pantzer Properties Buys Doral Rental Complex for $139M
By Julia Echikson June 21, 2024 2:04 pm
reprints
Pantzer Properties paid $139.2 million for a rental property in Doral in one of the largest South Florida multifamily deals so far this year, property records show.
The garden-style complex, currently called AMLI Doral, houses 352 units at 11431 Lakeside Drive, just east of the Everglades National Park and the Ronald Reagan Turnpike. The property consists of nine four-story buildings across 16.4 acres, with apartments averaging 1,058 square feet. Amenities include a swimming pool and two-story fitness center.
JLL (JLL) Real Estate Capital provided a $87.7 million acquisition loan, which is scheduled to mature in 2029, according to mortgage documents. JLL’s Maurice Habif, Simon Banke and Nick Lavin represented the seller, AMLI Residential.
The Chicago-based investor purchased the property for $103.5 million in 2015, two years after its completion, according to property records.
Pantzer’s acquisition is $500,000 short of nabbing the top multifamily sale in South Florida this year. In May, Ares Management paid $139.7 million for a 284-unit property in Boca Raton.
Still, the transaction is a far cry from pandemic-fueled deals, including Hines’ $430 million purchase of the Gables Station development — 2023’s largest multifamily deal.
For Pantzer, the deal marks the second multifamily purchase in South Florida this year. In March, it purchased a 245-unit property in West Palm Beach for $83.5 million.
Representatives for Pantzer and AMLI did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
