Pantzer Properties Buys Miami Community for $139M
The sale was arranged and financed by JLL Capital Markets.
New York City-based Pantzer Properties has acquired AMLI Doral, a 352-unit, core-plus garden-style community in Doral, Fla., from AMLI Residential for $139 million in one of the largest South Florida deals so far this year.
Pantzer rebranded the property at 11481 NW 41st St. as The Point at Lakeside.
JLL Capital Markets closed the sale and arranged an approximately $88 million five-year loan for the purchase, according to multiple media reports. AMLI Residential acquired the eight-building, 14.56-acre property in April 2015 for $103.5 million from Ares Management, Yardi Matrix data stated. Later that year, AMLI Residential secured a $56.9 million seven-year loan from Northwestern Mutual that matured Dec. 29, 2022, according to Yardi Matrix.
A JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Maurice Habif, Senior Director Simon Banke and Director Nick Lavin.
A JLL Debt Advisory team led by Senior Managing Director Jamie Leachman, Senior Director Amit Kakar and Associate Sean O’Brien represented Pantzer Properties.
AMLI Doral generated substantial investor interest because of its quality, visibility and location within one of Miami’s top submarkets. The sale was the second largest multifamily deal in the tri-county area, according to The Real Deal. The largest to date was the $139.7 million acquisition of Ceru, an eight-story, 284-unit asset in Boca Raton, by Ares Management, the outlet reported.
Property highlights
The asset is located immediately adjacent to the Florida Turnpike. It has easy access to Miami International Airport, downtown Coral Gables, Fla., downtown Miami and the Brickell neighborhood.
Completed in 2013, the developer was CC Homes, a partnership between Armando Codina and Jim Carr, Bisnow reported.
The asset has one-, two- and three-unit floorplans ranging in size from 780 to 1,331 square feet with an average of 1,068 square feet. Rents range from $2,471 to $3,517 with an average of $2,869, according to Yardi Matrix data.
The apartments have stainless steel appliances, granite countertops, nine-foot ceilings, soaking tubs, walk-in closets, private patios or balconies and full-size washers and dryers.
Community amenities include a two-story fitness center, swimming pool with lakeside grilling stations, business center, lounge with game tables, clubhouse with party room, tot lot and playground, electric car charging station, bike parking and monitored security. The property has 528 parking spaces.
Past deals
Pantzer Properties is one of the largest privately owned multifamily owner/operators on the East Coast with a focus on the Greater Boston, Philadelphia, Washington, D.C., and South Florida markets. The firm acquired a 245-unit apartment property in West Palm Beach, Fla., in March for $83.5 million and renamed it The Point at Palm Beach Grove, The Real Deal reported.
Earlier this year, Pantzer Properties purchased The Point at Green District, a 234-unit luxury multifamily community in Marlborough, Mass., from Rockpoint and Post Road Residential for $95.5 million, according to Yardi Matrix data. The firm also recently acquired another Greater Boston asset with the purchase of The Point at Weymouth for $94.6 million.
AMLI Residential, which is owned by PRIME Property Fund, owns and manages 78 apartment communities, including approximately 25,600 units and more than 3,000 apartments under development.
In May, real estate investment trust Simon announced AMLI Residential will build 850 luxury apartments at Fashion Valley, an upscale shopping center in San Diego, Calif. The multifamily housing at the newly revitalized mall will begin in 2025 when the JCPenney store in the shopping center will be closing and be completed in late 2026.
Earlier this year, AMLI Residential completed AMLI Branch Park, its third luxury apartment community at the Mueller mixed-use community in Austin, Texas. The property has 406 units and will also have ground-floor retail and restaurants.
