Phoenix Realty scoops up south Miami-Dade rentals for $65M 

Phoenix Realty Group bought an apartment complex for $64.8 million, marking the latest South Florida multifamily trade as the market muscles its way back.  While inflation and elevated interest rates have affected investment sales, leasing is also clawing its way back in after years of oversupply.  New York-based Phoenix bought the 269-unit Bay Pointe Apartments building at 18422 Homestead Avenue in an unincorporated area of south Miami-Dade County from an entity tied to Pride Homes by Garco, according to records and real estate database Vizzda. The deal breaks down to $240,892 per apartment.  Phoenix Realty assumed the seller’s $55.2 million […]

This article originally appeared on The Real Deal. Click here to read the full story.