Galium Capital picked up an apartment complex in North Miami Beach for $28.7 million, The Real Deal has learned, even as inflation and elevated interest rates stifle multifamily sales.
Miami-based Galium, led by Jacques Bessoudo and Iser Rabinovitz, bought the 156-unit Arbors Aventura, according to the buyer’s news release.
The release didn’t disclose the price, and a deed hasn’t been recorded yet, but a source pegged it at $28.7 million for the real estate, excluding furniture, fixtures and other costs tied to the property.
Newmark’s Tal Frydman, who represented the seller and buyer, declined to comment.
The purchase was a value-add play, meaning Galium plans to increase the complex’s value through renovations.
Completed in 1969, Arbors consists of three three-story buildings at 2365 Northeast 173rd Street, property records show.
Mavik Capital Management, Triangle Capital Group and Corinthian Capital Real Estate Partners bought the property for $35.2 million in 2022, records show.
It was part of the trio’s three-property multifamily portfolio purchase for a combined $82 million. The deal included a pair of complexes in Broward County.
Galium, founded in 2018, is a real estate investment and management company, with a portfolio of more than $750 million of assets under management and a $1.1 billion deal volume, according to its website. Its multifamily investment volume is over $600 million. Much of its properties are in Texas and Maryland, as well as Tampa.
In 2024, the firm snagged the five-story Lakeshore Plaza II office building in Sunrise for about $17 million.
The North Miami Beach purchase comes as the area and its neighbor to the south, North Miami, are experiencing a residential building boom. About 11,500 apartment and condo units are in various stages of construction and planning in the area, according to The Real Deal’s analysis last month.
Also in North Miami Beach, PPG Development is building the first phases of what will be a 728-unit apartment complex on the site of a former university campus. The biggest area project is LeFrak Organization and Turnberry’s multi-phased SoLé Mia that at full buildout may have roughly 4,400 residential units and 1.5 million square feet of commercial space.
South Florida multifamily investment sales reached $2.5 billion in the first half of the year, marking a 19.4 percent jump from the same time last year, according to Avison Young. But some of that volume reflects late 2025 contracts closing this year, and inflation and high interest rates continue to hinder sales, an Avison broker said.
On the leasing front, new deals finally surpassed deliveries, albeit by just 1,023 units, in the 12 months that ended in the second quarter, CoStar Group data shows. This came after three years of oversupply due to hefty completions in recent years, which prompted landlords to increase concessions and decrease rents.
In other recent apartment sales, Goldman Sachs paid $154.5 million for the 397-unit Modera Academical Village I complex in Davie, while Kerre dropped $73 million for the 228-unit Aviara Properties in Pompano Beach.
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