Phoenix Realty buys Garco's Bay Pointe rentals in Perrine

Phoenix Realty has bought Bay Pointe Apartments, a 269-unit rental building at 18422 Homestead Ave in unincorporated south Miami-Dade, just north of the Cutler Bay municipal line, from Pride Homes by Garco for a reported $64.8 million, The Real Deal reported. The New York-based buyer assumed the seller’s $55.2 million loan from Corebridge Institutional Investments as part of the deal.

Why it matters

Pride Homes by Garco built its name as a South Florida homebuilder before pivoting to ground-up rentals, and this sale is the clean exit that model is supposed to produce. The company closed a $55.3 million construction loan in 2022, delivered the building in 2024, and sold it about two years later at a price barely above the outstanding debt. That is the financing loop other merchant builders will study when they underwrite whether to build-to-hold or build-to-sell. Phoenix Realty, for its part, is buying a fully leased, recently delivered asset in a corridor that has drawn little institutional capital, betting the workforce-housing demand in south Miami-Dade holds even as new supply slows elsewhere in the county.

The numbers

County records confirm Bay Pointe sits on a 2.03-acre site at 18422 Homestead Ave, under folio 30-6005-104-0010, with 269 units across seven stories, completed in 2024. The unit mix runs 134 one-bedroom, 129 two-bedroom and six three-bedroom apartments, plus roughly 3,700 square feet of retail. At a reported $64.8 million, the deal pencils to roughly $240,892 per unit, about 9 percent above the county’s 2026 market value of $59.4 million for the property. The assumed $55.2 million Corebridge loan, which traces back to Pride Homes by Garco’s original $55.3 million 2022 construction loan, covers the large majority of the purchase price, leaving Phoenix Realty with a comparatively thin equity check for a stabilized, newly built asset.

What’s next

Watch whether Pride Homes by Garco recycles the proceeds into another south Miami-Dade rental project, its now-proven playbook, or expands into a new submarket. For Phoenix Realty, the test is lease-up durability in this unincorporated corridor just outside Cutler Bay, where comparable trades are scarce; the next sale nearby will be priced off this one. Follow our Miami market coverage for the next filing.