Developer sells 50-unit apartment complex in Miami Gardens for $19M

The developer of a 50-unit apartment complex in Miami Gardens sold the property for $18.5 million, amid an uptick in South Florida multifamily investment sales.  An entity tied to Ronny Ackermann and Jose Rimsky of Hollywood sold The Villages at Miami Gardens at 3400 Northwest 191st Street, according to records and real estate database Vizzda. The purchasing entity ties to Glen Allen, Virginia-based Capital Square, an intermediary likely doing a 1031 exchange on behalf of the true buyer, Vizzda records show. The true buyer remains unknown.  The buyer borrowed a $12 million Fannie Mae loan for the purchase. The deal […]This article originally appeared on The Real Deal. Click here to read the full story.