Ivanhoé Cambridge Sells South Florida Rental for No Gain

Ivanhoé Cambridge sold a multifamily property in Pompano Beach, Fla., for $73 million, nearly the same price the Canadian investor paid for the asset four years ago. 

Corebridge Real Estate Investors, formerly known as AIG Global Real Estate, and The RMR Group acquired Avana Bayview, a 225-unit property at 1631 South Federal Highway, the joint venture announced. 

The 411,173-square-foot complex, built in 2004, holds three five-story buildings. In 2021, Montréal-based Ivanhoé Cambridge had purchased the community for $73.5 million as part of a $3.6 billion portfolio acquisition. (A representative for Ivanhoé Cambridge did not respond to a request for comment.)

“As the market transitions from a period of oversupply and interest rate uncertainty, we believe this is an opportune time to invest in multifamily real estate as we expect this sector to enter into a phase of steady, demand-driven growth,” Rob Lester, chief investment officer of RMR Residential said in a statement. 

The Pompano Beach purchase marks Corebridge Real Estate Investors and The RMR Group’s 16th acquisition together. 

In 2022, insurance giant AIG announced plans to rebrand SAFG Retirement Service, its life and retirement business, into Corebridge Financial and spin it off as a public company. The RMR Group is a Newton, Mass.-based, real estate-focused alternative asset manager, claiming to have $40 billion in assets under management. 

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