Cutler Bay apartment complex sells for $24.5M

Courtyards at Cutler Bay apartments sold for $24.5 million, a nice gain from its last trade three years ago.

Courtyards at Cutler Bay LLC, managed by Robert T. and Sofia C. Castro of Ortsac Investments in Fort Lauderdale, sold the 144 apartments at 19800 S.W. 110th Court to RAM Cutler Bay LLC, managed by German Andres Guzman of Oakland Park-based Rental Asset Management. Berkadia Commercial Mortgage provided a 10-year, $14.12 million loan to the buyer. The price equated to $170,139 per unit. The seller was represented by Calum Weaver and Perry Synanidis of Cushman & Wakefield.

The apartment complex last traded for $14.19 million in 2018, so it had a nice gain in value amid the rapid rise in rents in Miami-Dade County.

Totaling 149,090 square feet, the apartment complex was built on the 7-acre site in 1966. It’s just north of the Southland Mall.

Both the buyer and seller in this deal have been active in the South Florida multifamily market this year.

Other companies led by Castro recently sold an apartment complex in Sunrise and another apartment building in Tamarac.

Other Rental Asset Management affiliates recently purchased apartment buildings in Hialeah and in Boca Raton.