Earlier this month, Miami-based developer, owner and manager Resia sold Resia Old Cutler, a 390-unit garden-style apartment community in Miami-Dade County, Florida, to Kayne Anderson Real Estate.
However, in a somewhat unique deal, it will remain the property manager.
“After receiving several offers in a competitive market, we decided to partner with Kayne Anderson Real Estate, partly because it allowed us to keep the property management team in place while simultaneously establishing a relationship with a strong institutional partner,” Resia’s Chief Investment Officer Carlos E. Gonzalez stated. “This was important since we manage three other properties nearby.”
For Los Angeles-based Kayne Anderson Real Estate, which owns medical office buildings, student housing, senior housing and attainable housing, this marks its first transaction with Resia.
“Resia Old Cutler is a prime example of the type of community that aligns with our strategy — offering exceptional living environments that cater to growing demand for attainable, quality housing,” Ken Carl, senior managing director, head of student and multifamily housing at Kayne Anderson Real Estate said.
Resia Old Cutler offers one-, two- and three-bedroom apartments, a multipurpose room, a fitness center, a children’s play area and a swimming pool. The property, located near Florida’s Turnpike and Miami International Airport, has rents ranging from $2,100 to $2,810.
“Resia’s plan has always been to sell the Old Cutler asset at stabilization, and we closed the deal with Fannie Mae agency debt,” Gonzalez said.
After the sale, Resia will continue to focus on building workforce housing in the Sun Belt.
“The funds from the sale will go toward starting new projects, and paying off our construction lender gives us more flexibility to fund future developments,” Gonzalez said. “We’re excited to continue growing while keeping a hands-on approach with the properties we manage.”
