Luke Simpson Of Grand Peaks Properties Acquires Princeton Groves FL Apartments From Benjamin Bakst For $39.5M

The property asset involved in this transaction is a multifamily complex located at 25001 Southwest 130th Avenue in Homestead. The facility spans 7.9 acres and consists of 216 units. The sale price for the complex was $39,500,000, equating to a price per unit of $182,870. The total square footage of the property is 218,945, which results in a price per square foot of $180.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,500,000
• Buyer: Luke Simpson - Grand Peaks Properties
• Seller: Benjamin Bakst - Marlin Spring US Realty
• Lender: PNC Bank
• Units: 216
• Acres: 7.9
• Square Feet: 218,945
• Price Per Unit: $182,870
• Price Per Square Foot: $180

In this transaction, Toronto-based Marlin Spring US Realty sold the multifamily complex known as Princeton Groves FL Apartments to Grand Peak Properties’ CPT GP Princeton Groves LLC, reflecting current market dynamics such as weak local rent growth and elevated interest rates impacting the real estate landscape.