New York Firm Purchases Florida Apartment Complex for $47 Million

Photo byApartment List

In a significant real estate transaction, the Gables Wilton Park apartment complex in Wilton Manors, Florida, has been sold for $46.6 million. The property, consisting of 145 units, was purchased by Maxx Wilton Park LLC, affiliated with Maxx Properties based in Purchase, New York. The complex, now set to be renamed ANKR Wilton Manors, marks a notable acquisition in South Florida's recovering real estate market.

The seller, LG Wilton Park LLC, which is tied to Atlanta-based Gables Residential, completed the sale with financing assistance. CBRE Capital Markets secured a $37.72 million mortgage for the buyer, provided through Freddie Mac, with a term of seven years. Property data firm Vizzda confirmed the transaction details.

At $321,379 per unit, this sale represents a considerable investment in the three-story apartment complex, originally built in 2010 on a 5.1-acre site. This is the first time the property has changed ownership since its construction.

The newly renamed ANKR Wilton Manors offers a range of apartment sizes, from 686 to 1,667 square feet, and features amenities such as private balconies, a clubhouse, a fitness center, and a pool.

While the South Florida apartment market experienced a slowdown in 2023 due to high interest rates, this sale reflects an uptick in multifamily transactions in 2024. However, prices per unit remain slightly lower than those seen in 2022, indicating a shift in market conditions.