Goldman Sachs Pays $155M for Davie Apartment Complex
Goldman Sachs acquired a 397-unit property in Davie for $154.5 million, signaling a shift in the South Florida multifamily market.
Goldman Sachs acquired a 397-unit apartment complex in Davie for $154.5 million. The purchase price translates to $389,169 per unit. This transaction marks the largest recent multifamily sale in the region.
Kerra Investments bought the Aviara East Pompano complex for $73 million. The property contains 228 units across three buildings. The deal value is equivalent to $320,175 per door.
Broward County transactions close
Goldman Sachs bought the Modera Academical Village I property from Mill Creek Residential. The eight-story building sits on 3.1 acres in Davie. Mill Creek finished developing the project last year.
Kerra Investments assumed $58 million in debt from Ladder Capital for the Pompano Beach deal. The Aviara East Pompano complex includes two eight-story buildings and one six-story building. The site covers 5.1 acres and was completed in 2024.
Investment sales volume rises
Multifamily investment sales in South Florida reached $2.5 billion in the first half of this year. This represents a 19.4 percent increase compared to the same period last year. Avison Young provided these market data figures.
Market analysts suggest some of this volume reflects contracts signed late last year. Rising inflation and higher interest rates continue to influence buyer behavior. A potential rate hike is expected next week.
Leasing demand outpaces new supply
New leasing demand exceeded supply for the first time in three years. CoStar Group reported 13,774 new leasing units in the twelve months ending in the second quarter. This figure surpassed the 12,751 units completed during the same period.
CoStar analysts warn that supply could outpace demand again late next year. Nearly 28,000 units are scheduled for completion during that period. Landlords have reduced rents and increased concessions to attract tenants.
