JBS Capital Pays $69M for South Florida Rental

JSB Capital Group bought a multifamily property in Dania Beach, Fla., for $69 million, property records show. 

Called Stellar at Emerald Hills, the 7.2-acre property houses 197 apartments across three three-story buildings, located between 5800 and 5840 Lakeshore Drive, just north of Sterling Road, about a mile west of Interstate 95. Amenities include a clubhouse, a fitness center, a business center and a pool. 

The seller, Stellar Communities, completed the 218,137-square-foot property two years ago. The Aventura-based builder purchased the site for $3.8 million in 2015, and four years later secured a $42.4 million construction loan from Japanese lender Orix Real Estate, according to records.

Following Stellar at Emerald Hills’s completion, the developer secured two refinancing loans totaling $68.6 million. 

Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented Stellar Communities in the sale. 

“This asset underscores our commitment to continue growing our portfolio in this vibrant and dynamic market,” Jared Frydman, the head of JSB Capital Group’s Miami office, said in a statement. 

In 2021, JBS paid $255 million for a 631-unit apartment community in Doral, making it one of South Florida’s largest multifamily transactions that year. The following year, it paid $150 million for Viva at 3700 in Lauderdale Lakes, a 197-unit property. 

Founded by Jonah Jay Lobel, the firm invests in a wide array of asset classes, such as hospitality and industrial, and has two other offices in New York and Baltimore. 

A representative for JBS did not immediately respond to request for additional comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.