The Terrazas River Park Village Apartments, a two-tower rental apartment community at 1861 N.W. South River Drive along the Miami River, was acquired by an affiliate of Ladder Capital Finance Holdings LLLP, a New York-based commercial real-estate finance company.
The 324-unit apartment community, which includes 21-story and 28-story towers, is near Miami’s health district and was 98-percent occupied at sale time, according to CBRE, which marketed the project.
Terms weren’t disclosed, but a person familiar with the transaction said the price exceeded $75 million.
The property, which was completed in 2010, was originally planned as a condominium, but fell into financial distress. A lender took over the project and sold it to a partnership between Atlanta-based Wood Partners, a multi-family investment firm, and AREA Property Partners, a New York-based real-estate investment company and fund manager.
In a statement, CBRE chairman Robert Given said: “Our marketing process generated over 20 offers, with a mix of condominium converters and institutional income buyers. The profiles of the bidders were diverse, with a mix of domestic and foreign capital.”
Michael Comparato, a managing director at Ladder, declined to comment on the deal or his company’s plans for the project.