Stone Banyan Capital

Login

Get Started

Homestead Apartment complex sells for 32% gain after two years

Angelo Gordon Sells Homestead, Fla., Apartments for Nearly 32 Percent Gain

 

In a sign of Miami-Dade County’s resilient multifamily investment market, an Angelo Gordon-led joint venture sold a townhouse community in Homestead, Fla., for nearly a third more than what it paid just two years ago.

IMC Equity Group, led by Yoram Izhak, dropped $67 million for the Seascape Pointe Apartments, which features 292 townhouse units on a 19.3-acre site, property records show. The sale equates to $229,452 per unit.

Completed in 2008, the property is at 1140 SE 24th Road, about three miles east of the Homestead-Miami Speedway car racing track, where NASCAR and IndyCar races are held annually.

Angelo Gordon, a New York-based private equity firm, paid $50.8 million in 2021 for the multifamily asset, along with partners Mast Capital, a Miami-based investor and developer, and Great Neck, NY-based investor Phillips International, according to records.

To fund the recent acquisition, IMC nabbed a $48.5 million mortgage from Santander Bank.

IMC, based in North Miami, says it owns over 10 million rentable square feet across office, industrial, retail and residential properties in South Florida. Last year, it sold a multifamily development site at the shuttered Johnson & Wales University campus in North Miami for $13.6 million to the Related Group; sold a 165,064-square-foot strip mall in Royal Palm Beach for $34 million; and bought a 77,000-square-foot office in Hialeah for $14.7 million.

Credits: Julia Echikson, Commercial Observer