- What Baz Group is shopping two apartment properties in Florida
- Why The complexes have a combined value of about US$107m
- What next Lease renewals in August saw average rent increases of 4.8% across both complexes
Two apartment complexes in South Florida are on the block with a combined value of roughly US$107m ($145.6m), Green Street News can reveal.
The garden-style properties are in the Miami suburb of Princeton. The 216-unit Princeton Groves is expected to attract bids of around US$53 million, or US$245,000/unit, and the 204-unit Pine Groves has an estimated value of US$54 million, or US$265,000/unit.
CBRE is representing Toronto-based owner Baz Group of Cos., which is willing to take bids on the complexes individually or as a package.
Units at the three-story properties have 10-foot ceilings, stainless-steel appliances, quartz counters and washer/dryers. Lease renewals in August saw average rent increases of 4.8% across both complexes.
Princeton Groves was built in 2016 on a little more than 8 acres at 25011 SW 130th Avenue. Its one- to three-bedroom units — a majority with two or three bedrooms — average 944 sf and are 96% occupied, with rents averaging US$2,232, or US$2.36/sf.
Pine Groves, a half-mile away at 13081 SW 242nd Street, was built in 2020 on nearly 7 acres. Its one- and two-bedroom units average 653 sf and are 95% occupied. Rents average US$1,984, or US$3.04/sf.
The sales campaign is touting the property’s qualifications for tax benefits under a 2024 state measure called the Live Local Act that aims to promote affordable housing, noting that Baz Group is negotiating for approval on more units.
While the complexes are fairly new, part of the pitch is that a buyer could seek to boost rents by implementing minor renovations. Renovated units with backsplashes and smart-home technology are commanding rent premiums of US$100, according to marketing materials.
Baz Group, formerly known as Marlin Spring Investments, purchased both properties in 2021, paying US$51 million, or US$236,000/unit, for Princeton Groves and US$44 million, or US$216,000/unit, for Pine Groves. Both properties were built by seller Resia, formerly known as AHS Residential.
