Greystar Pays Nuveen $94M for Miami-Area Apartment Complex

Two of the biggest players in commercial real estate traded an apartment complex in suburban Miami, with Greystar paying Nuveen Real Estate $93.5 million for the 358-unit asset, property records show.

Called Latitudes at the Moors, the 331,131-square-foot property sits on about 12 acres at 6290 Northwest 173rd Street, north of the Palmetto Expressway, in Miami Gardens. The transaction equated to about $261,000 per apartment.

Walker & Dunlop provided a $65.4 million, Freddie Mac-backed acquisition loan, which is scheduled to mature in 2030, according to mortgage documents. 

Nuveen — the real estate arm of the Teachers Insurance and Annuity Association of America, which manages $1.3 trillion in assets — purchased the property for $71.3 million in 2018. Miami Gardens is north of the Miami-Opa Locka Executive Airport, about 16 miles north of Downtown Miami.

While Greystar remains one of the largest multifamily operators in the country, the South Carolina-based firm continues to venture into industrial, having purchased a 30-acre site in Coconut Creek and secured a $64 million construction loan in May for a 384,000-square-foot development, The Real Deal reported. 

In another recent South Florida deal, it sold a multifamily asset near Wellington for $102 million in January.

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