Arbors Aventura Apartments Sell 18% Below Their 2022 Price
The gap between the 2022 basis and today's price is the clearest repricing signal Miami-Dade multifamily has produced this cycle.
Galium Capital has bought the 156-unit Arbors Aventura apartment complex in North Miami Beach for $28.7 million, The Real Deal reported, a price that runs about 18 percent below the $35.2 million its seller paid for the property in 2022.
Why it matters
A below-basis multifamily trade in Miami-Dade is a repricing signal, not a one-off. The discount to the seller’s own purchase price is the whole story here: it tells the market what today’s real exit cap looks like on a 1969-built, three-building garden complex that last traded four years ago at the top of the cycle. Sellers who bought during the 2021-2022 run-up are now the marginal supply setting comps for everyone behind them, and this deal is a data point buyers can underwrite against directly rather than guess at.
The numbers
Miami-based Galium, led by Jacques Bessoudo and Iser Rabinovitz, bought the three three-story buildings at 2365 Northeast 173rd Street from an entity tied to Mavik Capital Management, Triangle Capital Group and Corinthian Capital Real Estate Partners, according to a person with knowledge of the deal cited by The Real Deal. The deed had not yet recorded as of the report. The sellers bought Arbors Aventura for $35.2 million in 2022 as part of a three-property, $82 million portfolio that also included two Broward County complexes, property records show. The new price works out to roughly $184,000 a unit, down from about $226,000 a unit at the 2022 basis. Newmark’s Tal Frydman represented both sides and declined to comment on price.
What’s next
Galium has said the purchase is a value-add play, meaning renovations across the 1969-vintage buildings before any repositioning of rents. The trade lands as South Florida multifamily investment sales volume ticked up 19.4 percent year over year in the first half of 2026, per Avison Young, even as elevated interest rates keep pressure on pricing. Whether more 2021-2022 vintage owners follow this seller down to a real clearing price, rather than holding and refinancing, is the question the next few Miami-Dade multifamily trades will answer.