By james art 
CSL Partners and Presidium collected the 260 Pura Vida Hialeah apartment complex for $ 95 million, with plans to convert a local live act, The real deal has learned.
The Montreal CSL Partners, a joint venture between Benjamin Farkas and Brandon Khimtov, and the Dallas -based Presidium, purchased the property at 3051 West 16th Avenue at Hialeah by Coral Development Group, according to Alstingisg Real. Drew Dorsy of Miami -based investor and real estate developer Bindor, as well as Dale Burnett of New York -based private Big Equity private capital company also partnered with the purchase.
Andres Grossman of the Alsectisg Realty trade division, led by Tomash Sulichin, and Alex Isaiah of Compass represented buyers and seller. The out -of -market deal closed on Friday.
The Coral Gables Coral Rock -based complex finished the complex in 2022, records show. The company made a $ 12.8 million loan in 2019 and a $ 53.5 million construction loan in 2020 for Pura Vida Hialeah.
The development includes three commercial Outparcel with Wawa and other buildings. They were not included in the sale.
Coral Rock is led by directors Michael Vol, Stephen Bloamal, Victor Brown and David Brown.
The Pura Vida Hialeah consists of three eight floor buildings with apartments with one to three bedrooms and about 11,000 square meters of trade in a square in one building, according to the property websites and Coral Rock. The complex was 94.2 percent leasing at the time of sale, Gosman said.
Pura Vida is developed as a market rate. Its website shows that monthly rentals range from $ 2.195 to $ 3220.
This is expected to change according to the plan of buyers to transform the complex into residential accommodation of the workforce and to put an exemption from the ownership tax provided in accordance with the local live law. The units will be switched to rents under the market as new leasing is signed, with owners already converting some apartments, according to Grossmann.
Local Live Law, State Law, approved in 2023 and tweaks last year, allows developers to build more projects than site zoning permits if at least 40 percent of units are for households that earn up to 120 percent from the average income of the area.
Some investors have benefited from the exemption from the ownership tax by switching completed or under construction complexes for a market percentage of workforce housing. In Miami Gardens, the Cymbal DLT companies of the ASI Cymbal did this with the 341 Laguna 341-single gardens of 20775 Northwest 17th Avenue, which allows the company to save about $ 1 million in tax a year.
Local live conversion allows Pura Vida Hialeah buyers to welcome “increasing demand as they create long -term value,” Dorssy says in a statement.
For decades of residential crisis in southern Florida, he has exacerbated the influx of out-of-residents from the end of 2020 to 2022. Unprecedented demand and record rental costs for very long-time residents, many of whom have moved elsewhere in Florida, according to experts.
In a statement, Khimtov cites “a significant gap in housing opportunities” for millennia, which “were often forced to seek elsewhere for appropriate rental opportunities.”
CSL Partners, which Chemtov and Farkas launched last year, is a private stock company that manages and invests in multi -family projects at Sun Belt and Midwest, according to its LinkedIn.
Pura Vida Hialeah celebrated CSL’s second investment. In December, the company paid $ 58.5 million for the 240 Avondale Hills apartment building at 750 Avondale Creek Drive in Decare, Georgia, according to Traded. Ravi Gupta and Vikram Paradise of Vienna, based in Virginia, a multi -family investment union Viking Capital, partnered with the deal.
Presidium, led by Co-ECOS Cross Moceri and John Griggs, is a real estate developer, an investor and a $ 2.6 billion manager under management, according to his website and LinkedIn.
The multi -family deals in South Florida are experiencing a revival. Investment sales in the three-round region reached $ 4.3 billion last year, compared to $ 3.4 billion in 2023, according to Avison Young Data. This is far from the volume of $ 9.2 billion in 2022 and $ 15.4 billion in 2021, according to Avison data. The transaction of the transaction is the result of the influx of residents and the increases of records.
The 11 aggressive interest rates of the Federal Reserve in 2022 and 2023, as well as the increase in insurance delayed activity in 2023. The Fed dropped three times relative to the reference rate, which reduces interest rates on short-term, floating loans. Investment sales last year overtook $ 3.8 billion in 2019, a reference year for normal times in South Florida.
Last month, Ta Realty paid $ 118 million for the Bell Pembroke Pymbroke apartment complex on 300 units on Sheridan Street on 16700 Pembroke Pines. This appeared on the heels of the group related to the Perez family and investment on the 13th floor, paying $ 96.5 million for the apartment complex of 285 Arum Lincoln Pointe in 17900 northeast 31st court in Aventura.