The Milton family, known for their prowess in real estate development and investment, recently acquired the Shamrock of Sunrise, an apartment complex, for $28.9 million. This Coral Gables-based venture, led by J. Milton & Associates, finalized the purchase from Lloyd Jones, as documented by the real estate database Vizzda. The transaction translates to approximately $243,200 per unit.
Erected in 2005, the complex encompasses four four-story buildings, housing a total of 119 units across 7.2 acres of land. Apartments within Shamrock at Sunrise range from one to four bedrooms, commanding monthly rents between $1,904 and $3,699, according to Apartments.com.
Dallas-based Lloyd Jones, under the guidance of Chris Finlay, had initially acquired the complex for $20 million back in 2018. The firm, which manages assets primarily in multifamily housing, senior living, and hotels, boasts a portfolio valued at $750 million.
J. Milton, a developer with a net worth of over $2 billion, has acquired Parque Towers in Sunrise, South Florida, following a decline in multifamily investment sales due to higher interest rates. The firm is currently purchasing properties using discretionary funds, avoiding costly financing. J. Milton did not opt for a mortgage in the Shamrock at Sunrise transaction. Stockbridge invested $156 million in Park 82nd Apartments in Miami-Dade County’s Fontainebleau neighborhood.
Tides, a distressed property investment firm, has executed loan modifications, indicating positive steps toward recovery. However, ratings agency DBRS Morningstar raised loss expectations for two amended loans, indicating potential risks. Tides’ ability to fund renovation plans and bolster cash flow could be impacted by new terms and requirements imposed by MF1 Capital.
The firm is currently focused on executing strategic renovations to increase revenue, as organic rent growth has plateaued or declined in some markets. Amendments to Tides’ financial arrangements are expected to safeguard against rising debt service costs, but the extent of relief remains uncertain.
The firm is working towards stabilizing properties and positioning for a rebound in the multifamily market.
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