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…
A familiar decision facing many real estate investors across the country is playing out in South Florida: whether to bet the U.S. housing market is peaking and seek more stability in investments like large-scale apartment complexes. Convinced the multifamily market will generate strong returns indefinitely, a 10-year-old private equity investment firm is shedding its portfolio…
In a deal valued at $47 million, Property Investment Advisors (PIA) Group of Miami has sold a portfolio of 200 single-family homes in South Florida to New York City–based Cerberus Capital Management, reports John Jordan for Globe Street. The transaction signals a change in PIA’s corporate acquisitions strategy from single-family product to multifamily value-add assets….
New York-based Cerberus Capital Management has acquired a portfolio of 200 single-family homes in South Florida for $47 million. Miami-based Property Investment Advisors (PIA) Group had acquired the homes from 2010 through 2013 and operated them as rentals. About 40 percent of them were in Miami-Dade County, another 40 percent in Broward County, and the...
MIAMI—Property Investment Advisors Group of Miami has sold a portfolio of 200 single-family homes in South Florida to New York City-based Cerberus Capital Management in a deal valued at $47 million. The deal marks a shift in corporate purchasing strategy for the PIA Group from single-family to multifamily value-add opportunities. PIA Group officials say the...
