PIA Group sells portfolio of South Florida rental homes for $47M
Property Investment Advisors Group just off-loaded a trove of single-family rental homes in Miami-Dade, Broward and Palm Beach counties for $47 million.
The Miami-based private equity real estate investment firm sold roughly 200 homes to Cerberus Capital Management. The proceeds from the trade will go into the acquisition of additional multifamily assets throughout the southeastern United States, according to a press release.
Jimmy Levy, co-founder and partner at PIA Group, said the firm began acquiring the homes between 2009 and 2011. The properties were purchased below $80,000 to $100,000 and were sold in the $250,000 price range, Levy said.
The tri-county portfolio breaks down to about 40 percent in Miami-Dade and Broward counties, with the remaining 20 percent in Palm Beach County.
New York-based Cerberus Capital Management is a $30 billion global investor and asset manager founded in 1994.
PIA Group was formed by Levy, Saul Levy and Danny Kattan. The firm joins a number of private equity firms that are turning their focus to multifamily properties, at a time when more Americans are steering away from home ownership and into renting.
In March, private equity firm Electra America launched a $300 million fund focused on multifamily investment. Last year, Amherst Holdings paid $25.7 million for a portfolio of single-family rental homes in Broward and Palm Beach counties.
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