Madison Realty Capital Lends $58M to Buy South Florida Apartments
By Andrew Coen January 24, 2025 1:40 pm
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A joint venture between Related Group and 13th Floor Investments has secured $58 million of acquisition financing to purchase a multifamily property in Miami-Dade County, Commercial Observer has learned.
Madison Realty Capital originated the loan on the sponsorship’s acquisition of the 285-unit Arium Lincoln Pointe property in Aventura, Fla., from RMR Group for an undisclosed price.
RMR acquired the 1991-built waterfront property in 2023 for an undisclosed price. It was sold in 2017 for $57 million to LCOR, according to property records.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement that the transaction closed in 30 days, which underscores the firm’s “ability to serve as a lender of choice for repeat borrowers.”
Located at 17900 NE 31st Court 17 miles north of Downtown Miami, the 1991-built garden-style apartment community consists of 165 one-bedroom and 120 two-bedroom units. The property’s amenities include a pool, waterfront sundeck, game room and fitness center.
Officials at Related Group and 13th Floor Investments did not immediately return requests for comment.
Julia Echikson contributed to this story
Andrew Coen can be reached at acoen@commercialobserver.com
