COMMERCIAL REAL ESTATE

Terrazas River Park Village Apartments sold

 

mbrannigan@MiamiHerald.com

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.

Read more Business stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category