rocky point is once again driving a successful business in South Florida.
The Boston-based company, with its partner Altman Companiessold a newly completed multi-family complex for a total of $295 million.
The business includes two properties in Miramar, Florida, both of which were completed last year. Located at 11385 SW 30th Yardthe 320 units Altis Miramar sold for $149 million, according to property records. Atra Miramar is one and a half miles south of Altis at 2750 SW 113th Lane. It includes 330 apartments and trades for $146 million.
To finance Miramar’s purchases, the buyer, AvalonBay Communitiesa Virginia-based REIT specializing in multi-family rentals, has sold three properties in Elmsford, NY, for a total of $306 million, AvalonBay said in its latest revenue report.
The AvalonBay acquisition ranks among South Florida’s largest gross multifamily transactions. Earlier this year, a joint venture led by International port group (HGI)bought a complex in downtown Miami for more than $400 million, which remains the most expensive rental purchase. Last month, HGI spent $185 million for a property in Brickell.
Taking advantage of South Florida’s sizzling real estate market, Rockpoint unloaded its portfolio in the region, across all asset classes. This sold an office tower in Brickell for a hedge fund Citadel for $286.5 million, making it Miami’s most expensive business since the pandemic hit more than two years ago. The Later Investor unloaded outdoor mallalso to Brickell, for $216 million.
In Miramar, Rockpoint and Altman paid a total of $26.5 million for developable parcels in 2019 and shortly after secured a $98 million loan from NCP Bankby records.
Along Bal Harbor Beach, Rockpoint East develop a condo building with the Associated group and Development of two roads.
A Rockpoing spokesperson declined to comment. Representatives for Altman and AvalonBay did not immediately respond to a request for comment.
Julia Echikson can be contacted at [email protected].