The asset involved in this transaction is a multifamily property located at Southwest 344th Street & Krome Avenue, known as Lime Grove, situated within the Florida City and Homestead market. The transaction has a sale price of $80,000,000, comprising a total of 223 units, resulting in a price per unit of $358,744.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Buyer: David Burstyn & Brian Sidman - Redwood Dev Co
• Seller: Stuart Miller & Jon Jaffe - Lennar
• Units: 223
• Price Per Unit: $358,744

The deal was facilitated by Redwood Development Co., acquiring the 223 newly built townhomes from Lennar, which includes the 174-unit Mariner’s Cove in Florida City and the 49-unit Lime Grove in Homestead. This acquisition expands Redwood's rental portfolio in South Florida, continuing their strategy of converting new for-sale products into workforce and affordable housing across Miami-Dade.