Galium Capital Buys Arbors Aventura in North Miami Beach for $28.7M

Galium Capital has bought the 156-unit Arbors Aventura apartment complex at 2365 Northeast 173rd Street in North Miami Beach for $28.7 million, according to The Real Deal and Commercial Real Estate Direct. Newmark’s Tal Frydman brokered the deal for both sides. The price is a discount, and Miami-Dade County’s own sale history proves it: the seller group paid $35,200,000 for the same property on March 10, 2022, a deed recorded at OR Book-Page 33074-3045.

Why it matters

A $6.5 million markdown, 18 percent, on a 1969-built garden complex is a real data point on where South Florida multifamily pricing sits four years after the last peak, not a one-off distress sale. The seller group, Mavik Capital Management, Triangle Capital Group and Corinthian Capital Real Estate Partners, bought Arbors Aventura in 2022 as part of an $82 million portfolio that also included two Broward County properties, then held it through a rate cycle that punished leveraged multifamily buyers who underwrote to lower cap rates. Galium Capital is buying in at a basis low enough to fund renovations and still pencil, the same value-add math driving apartment trades across Miami-Dade this year. For owners for other 1970s-vintage complexes in North Miami Beach and Aventura, this sale is a fresh, county-verified comp, and it prices below replacement cost.

The numbers

The $28.7 million price, which excludes furniture and fixtures, works out to about $183,974 per unit across the property’s 156 units. That compares with roughly $225,600 per unit in the 2022 purchase. Miami-Dade’s Property Appraiser lists the property at folio 07-2209-016-0010, a 222,025 square foot lot with 212,181 square feet of building area, and its 2026 market value assessment sits at $25.1 million, below both transaction prices. The appraiser’s sales-transaction history confirms the 2022 deed and price exactly as reported, the verification step that turns a trade-press number into a checkable fact.

What’s next

The deed to Galium Capital had not yet posted to Miami-Dade’s official records index as of this writing, so the recording date and any new financing remain unconfirmed pending the county update. Galium’s stated plan is a renovation program to reposition the complex, which will show up in county permit filings if it proceeds. More in the South Florida market.