A 269-unit apartment complex tucked along Homestead Avenue in unincorporated South Miami-Dade County has changed hands for $64.8 million, with New York-based Phoenix Realty Group taking over a property that opened just two years ago already offering renters two months of free rent to fill vacancies. The deal for Bay Pointe Apartments, located at 18422 Homestead Avenue, works out to $240,892 per unit and lands the seven-story property in the hands of a firm led by Ron Orgel and Keith Rosenthal.
The seller was tied to Pride Homes by Garco, according to The Real Deal, which reported the transaction. As part of the deal, Phoenix Realty assumed the seller's existing $55.2 million loan on the property, a loan originally provided by Corebridge Institutional Investments. Phoenix Realty Group was the buyer.
Bay Pointe was completed in 2024 and includes a mix of 134 one-bedroom apartments, 129 two-bedroom units, and six three-bedroom apartments, along with 3,700 square feet of retail space, per the same report. The property sits on 2.4 acres and was originally developed by seller entity 184 Holdings LLC, which broke ground on the roughly 215,000-square-foot mixed-use project in 2022 with a $55.3 million construction loan and Miami-based Modis Architects LLC handling design, according to Florida YIMBY. Miami-Dade County commissioners approved the plat for the site that same year under Resolution R-775-22, replatting a 2.4-acre tract of the historic Perrine Grant bounded by SW 184th Street and Homestead Avenue.
A Transit Corridor Built for Density
Bay Pointe sits within Miami-Dade's West Perrine Community Redevelopment Agency boundary, a designated urban redevelopment district along the South Dade TransitWay corridor, according to Miami-Dade County records. The complex is adjacent to the county's South Dade TransitWay Bus Rapid Transit line, as reported by WLRN. The BRT line is part of the South Dade transit corridor.
Commercial investment has followed the transit build-out. County officials broke ground in March on a new Costco in West Perrine, a project projected to generate $217 million in regional economic impact and create 400 jobs, with the developer pledging 5,000 free memberships to low-income local households, per the same WLRN report. That kind of anchor investment, paired with the transit line, has turned West Perrine into a target for multifamily developers and private equity looking to plant flags in unincorporated South Miami-Dade.
Phoenix Realty's Growing Florida Footprint
Phoenix Realty Group has acquired or developed residential properties nationwide, according to the firm's own account of its portfolio. The company's South Florida history includes a 2015 purchase of a 300-unit Broward County complex for $52.7 million, a 2018 deal for a 408-unit, 17-acre development in North Lauderdale for $69.7 million, and a 2022 purchase of the Park Colony Apartments in Hollywood for $69.5 million alongside partners.
That Park Colony deal also involved Park Row Equity Partners, the Manhattan family office led by President Alan Steinberg that is again co-investing on Bay Pointe. Park Row previously partnered with Phoenix Realty on the $69.5 million Park Colony purchase in August 2022, according to The Real Deal's earlier reporting on that transaction, and the firm holds multifamily properties across 11 states.
A Crowded Field of South Dade Deals
Bay Pointe is far from the only recent multifamily trade in the corridor. Harbor Group International bought the more than 500-unit Emerald Palms for $109 million last month at 12315 Southwest 151st Street in unincorporated Miami-Dade County, while Fairfield Residential paid $208 million for the 812-unit Portofino Place Apartments in West Palm Beach in August. South Florida multifamily sales rose 19.4 percent from the same period a year earlier, totaling $2.5 billion in the first half of 2026, according to data cited from Avison Young.
New supply keeps arriving even as sales activity climbs. Nearly 28,000 multifamily units are currently under construction across the region and are expected to deliver by late next year, per CoStar Group data, following 12,751 units completed and 13,774 units newly leased in the 12 months ending in the second quarter. Just up Homestead Avenue, developer Monceau Realty secured a $43 million construction loan in July to build Perrine Estates loan for 192 units, a 192-unit complex with ground-floor retail at Homestead Avenue and Banyan Street that designated roughly 12.5% of its units as workforce housing.
The Affordability Backdrop
The wave of market-rate development arrives as Miami-Dade County confronts housing affordability pressures. That backdrop frames a tension playing out along the TransitWay corridor: rapid institutional interest in market-rate complexes like Bay Pointe is unfolding in a district with a CRA designation. For now, Bay Pointe's own leasing specials, including two months of free rent on select units with a signed 14-month lease, reflect how new inventory is still working to fill up even as investor demand for the corridor keeps climbing.
