Advenir purchased Vista Verde at the Westchester apartment complex in Miami, Florida. The company secured a $44.32m for the acquisition of the 302-unit garden-style multifamily community. Built in 1993, the property includes 10 two- and three-story buildings and is a five-minute walk from Florida International University. Berkadia’s South Florida office sourced the 11-year, fixed-rate loan through Freddie Mac. Community amenities include a pool and sundeck with Wi-Fi connectivity, a fitness center, tot lot and gated entry with security.
“This asset is a quintessential Advenir deal,” said Charles Foschini, managing director of Berkadia. “Exceptional location, great demographics and a fundamentally strong asset that needed a modernization to reflect the demands of today’s tenants. Though just under 90 percent occupied at close, we were able to get the exemptions necessary to close a 10-year fixed-rate loan at very favorable terms with Freddie Mac.”
