Yoram Izhak Of IMC Equity Group Acquires Pine Grove Apartments From Benjamin Bakst For $33.5M

The 204-unit Pine Grove Apartments, located at 24101 South Dixie Highway in Homestead, sold for $33.5 million. The property spans 5.85 acres and features a total square footage of 180,872, resulting in a price per unit of $164,216 and a price per square foot of $185. The sale reflects current multifamily market conditions in the area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $33,500,000
• Buyer: Yoram Izhak - IMC Equity Group
• Seller: Benjamin Bakst - Marlin Spring US Realty
• Lender: Wells Fargo
• Units: 204
• Acres: 5.85
• Market: Homestead

Yoram Izhak led the acquisition for IMC Equity Group, while Wells Fargo provided a mortgage of $27.79 million for the transaction. This sale is down from a previous valuation of $44 million in 2021, indicating the shift in multifamily valuations in the market due to various economic factors.