Related Group and Rockpoint sold four Lantana apartment complexes for $138 million.
An affiliate of New York-based Praedium Group acquired Manor Lantana, a 348-unit rental community at 861 Water Tower Way, records and Vizzda show. Praedium paid about $396,550 per apartment and secured a $75.9 million mortgage from Northwest Mutual Life Insurance.
In 2018, Related and Rockpoint purchased a 16-acre development site within the 72-acre Water Tower Common mixed-use project for $14.8 million. Related is the real estate development company in Coconut Grove, led by Jorge Pérez and his sons Jon Paul and Nick. Rockpoint is a Boston-based real estate private equity firm led by co-founder Keith Gelb.
Records show the joint venture completed the Manor Lantana project last year. It includes studios, one-bedrooms, two-bedrooms and three-bedrooms, with rents ranging from $2,083 to $4,267 per month, according to Apartments.com. The average unit size is 1,164 square feet.
Praedium is a real estate company established in 1991 led by founding principal Russell Appel. Since then, Praedium has invested more than $12 billion in real estate across the country, according to the company’s website.
In 2015, Praedium sold Riverwalk Center, a five-story office building in Jupiter, for $12 million.
The Related Group is one of the most active developers in South Florida. This month, the company and its partner Lndmrk Development, led by Alex Karakhanian, acquired a 0.4-acre development site in Miami’s Edgewater neighborhood for more than $12 million. The joint venture has not announced plans, but the complex is divided into about 60 units in a building as high as 36 stories.
Related and another development partner, Aventura-based BH Group, also recently purchased a 3.7-acre development site in Pompano Beach for $48 million. The waterfront has been approved by the city for a 77-unit, 24-story condominium, a 303-room hotel and 49 aparthotel rooms. Related and BH are also jointly developing several other projects in Miami-Dade and Broward counties.