When Canadian real estate company IvanhoÃ© Cambridge struck a deal to buy $ 3.6 billion worth of apartments in the United States, it focused on growing markets like the Sun Belt and the coastal suburbs.
So it’s no surprise that the Avana Bayview Resort at Pompano Beach is one of 30 properties.
IvanhoÃ© Cambridge bought the community at 1631 South Federal Highway, as well as a neighboring emergency care center at 1611 South Federal Highway, from Greystar for $ 73.5 million, according to records.
The deal is part of the recent sale of a portfolio of nearly 10,000 units by Greystar to IvanhoÃ©.
The 225-unit Avana community and doctor’s office building was constructed in the early 2000s on nearly 5 acres, according to property records.
The office building spans 4,492 square feet, according to property records. He is employed by CareSpot Urgent Care.
Greystar, a multi-family market giant based in Charleston, South Carolina, initially considered selling the properties one at a time, but then decided to do it all with one buyer. The properties were part of its Greystar Equity Partners IX value-added fund, launched in 2015.
Greystar, led by Bob Faith, has $ 45.1 million in assets under management, according to its website.
It offloaded some of its other South Florida assets this year. In May, Greystar sold a 279-unit multi-family complex in Fort Lauderdale for $ 99.5 million.
IvanhoÃ©, based in Montreal, led by Nathalie Palladitcheff, develops and invests in real estate globally, with a stake in more than 1,100 buildings, according to its website. It focuses on industrial and logistics, office, residential and commercial spaces.
IvanhoÃ© owns 42.7% of the shares of the Mary Brickell Village shopping center in Miami, according to its website.
The Pompano Beach purchase comes as the South Florida rental market is booming. Demand for much of newcomers as well as locals has been unprecedented, allowing rent increases of up to 24% in just a few months in parts of the region.