Miami Apartment Home Community Trades In $40.8 Million Off-Market Deal

Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Cedano Realty Advisors, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, represented the buyer, The Lynd Company in the purchase of Parc Place Apartments, a one-, two- and three-bedroom rental community located at 17600 NW 5th Ave in Miami.

The deal closed June 8.

The Lynd Company acquired the 234-unit apartment home community from Park Plaza Apartment Holdings LLC in a deal valued at $40.8 million, or $174,359 per unit.

“My main focus for the last few years has been finding off-market opportunities and matching the right seller with the right buyer, and this transaction was no different” commented Meyerson. “Lynd has been building it’s Florida presence, acquiring a number of assets in the state in the last 12 months.  This community was a perfect fit for them.”

 

“Ron has been instrumental in furthering Lynd’s continued expansion into the Florida market,” added A. David Lynd.  “We rely on these key relationships to source our deals in all markets.  We look forward to many more transactions in the coming months and years.”

Tal Frydman, executive managing director with Newmark’s Multifamily Capital Markets group, represented the seller’s interests throughout the sales process.

Built in 1972, the recently-renovated, pet-friendly apartment community features gated access, a business center, and a fitness center as well as easy access to Interstate 95 and Florida’s Turnpike.