Pinebrook Apts in Miami sold to Blue Rock for $37.3m

Blue Rock Partners, based in Tampa, has closed on the purchase of Pinebrook Apartments, a 309 unit complex in Miami’s South Kendall submarket for $37.3 million. Built by Cardinal in 1987, the 44 single-story buildings are located at 15601 SW 137th Ave. Community amenities include four on site laundry facilities, business center and coffee bar, clubhouse, dog park and a playground. The new owner plans a extensive $3 million exterior and interior improvement program to the property. Executive Managing Director Evan Kristol and First Vice President Felipe Echarte of Marcus & Millichap’s Ft. Lauderdale investment team represented the seller, a private investor, and procured the buyer. The sale was completed with $33.5 million in acquisition financing facilitated by Ladder Capital Finance.

“Pinebrook was a unique opportunity to acquire one of the few remaining 300-plus unit value-add apartment communities in the rapidly growing Southwest Dade County submarket,” stated Kristol. “Current rents were substantially below market rate, which contributed to its historically high occupancy. Furthermore, situated on over 10 acres of land near Zoo Miami, Pinebrook offers excellent future redevelopment potential.”