A pair of apartment complexes in South Florida are being listed for sale as the region’s multifamily market experiences a slowdown compared to recent years. The Real Deal has learned that Stratford Management, based in Boston, is seeking to sell the 276-unit Riverland Apartments located at 420-432 Southwest 27th Avenue in Fort Lauderdale for approximately $90 million. Meanwhile, CIX Capital is marketing the 240-unit Village at Mangonia Lake at 2201 North Australian Avenue for about $70 million. Jaret Turkell, who is brokering both deals on behalf of the sellers, confirmed these details.
Both properties offer market-rate rentals and are expected to be officially listed this week. Turkell and Omar Morales from Berkadia are handling the marketing process.
Riverland Apartments was completed in 2021 on an 11.1-acre site and consists of seven buildings with studio, one-, two-, and three-bedroom units. According to the property’s website, monthly rents range from $1,920 to $3,759. The asking price equates to roughly $326,100 per unit. Stratford Management and Eastham Capital acquired Riverland in 2023 for $84 million by assuming a $55.9 million loan from First Republic Bank.
Village at Mangonia Lake was finished in 2019 on a 7.6-acre parcel and features three six-story buildings with one- and two-bedroom apartments renting between $1,850 and $2,160 per month according to Apartments.com. The listing price averages out to about $291,700 per unit.
Miami-based Resia developed Village at Mangonia Lake; however, ownership records connect the property entity back to Resia while CIX Capital—a São Paulo investment firm affiliated with Brazil’s Maiz—is listing it for sale. Turkell explained that CIX Capital launched its CIX AHS Multifamily Income Bond in 2021 specifically to co-invest with Resia in multifamily projects and announced plans in 2024 to focus its investments on South Florida multifamily assets.
The local multifamily sector has been adjusting after significant changes during the pandemic period brought high demand due to migration into South Florida from other states—leading initially to record-high rents and increased development activity. More recently though, slower population growth has contributed to an oversupply of new apartments resulting in rent declines and more concessions offered by landlords.
According to Realtor.com data from December last year, median asking rent across South Florida dropped by 3.4 percent year-over-year—to $2,262 monthly.
Jaret Turkell noted that decisions around selling such properties also depend on when landlords acquired them as well as their broader investment strategies: “Still, the decision to sell a complex also is tied to when the landlord bought the properties and their investment strategy,” Turkell said.
This move comes alongside other notable listings such as RFR Realty putting downtown Miami’s office tower at 100 Biscayne Boulevard up for sale this month with an asking price near $130 million.
