30 Dec Top South Florida Multifamily Deals of 2016
Rosemurgy Properties is thrilled to have one of the top South Florida multifamily deals of 2016!
While all the above deals were for a single property, Investcorp wanted a little more bang for its $105 million bucks. In January, the international investment group bought three student housing complexes in Boca Raton for that sum, growing its South Florida rental portfolio by a combined 304 units. The sale broke down to $346,217 per unit.
Included in the deal: University Park, a recently built 11-acre complex that fetched the lion’s share of the sale at $70 million; University View, a townhome community with 55 units that was built in 2009; and University Square, an older 90-unit complex that was built in 1969.
The trio was sold by Rosemurgy Properties and its partners Giles Capital Partners and Lewis Rental Properties.
Student housing has become big business in South Florida, as developers and investors both bank on the steady demand provided by nearby colleges. Nationwide enrollment numbers have boomed in recent years, while the stock of student housing has remained relatively restricted.
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