South Florida’s multifamily real estate market in 2025 was marked by high expenses, limited large-scale transactions, and continued interest from major investors despite economic challenges. The largest deal of the year involved a $235 million purchase of the 101 Via Mizner apartment building in Boca Raton, which was acquired out of bankruptcy. The seller had entered Chapter 11 reorganization to avoid foreclosure over a $145 million loan.
The region has attracted significant attention as an apartment market due to increased demand during the pandemic, but recent years have brought higher insurance costs and difficulties in refinancing because of elevated interest rates. Although the Federal Reserve cut its benchmark rate six times over the past two years after raising it 11 times in 2022 and 2023, financial pressures persisted for landlords. A surge in new apartment completions led to slower leasing activity and more concessions, with average rents across South Florida declining by 2.7 percent from November 2024 to November 2025, according to Realtor.com.
In response to these conditions, some buyers used loans from Freddie Mac or Fannie Mae, or secured financing from insurance companies that offer more favorable terms. Others assumed existing loans or made all-cash purchases, sometimes using discretionary funds with lower debt leverage.
Grant Cardone, known as a social media personality and multifamily syndicator promoting his “10X” business platform, led this year’s top deal. Cardone partnered with Penn-Florida Companies—the original developer of 101 Via Mizner—to acquire the property after Penn-Florida filed for Chapter 11 protection earlier this year. The court-approved joint venture saw Cardone Capital contribute $220 million and Penn-Florida add $15 million toward the total price for the 14-story, 366-unit building at 101 East Camino Real. The partners plan to convert the property into condominiums with projected unit sales of about $400 million.
Penn-Florida is led by Mark Gensheimer. Lender Blackstone Mortgage Trust had previously initiated foreclosure proceedings on a $145 million loan related to the property.
Cardone has previously led significant multifamily deals in South Florida: last year his affiliated funds paid over $500 million in cash for three Broward County properties—the Manor at Flagler Village (382 units), Edge at Flagler Village (332 units), and Laurels at Jacaranda (468 units). In 2021 he purchased a four-property portfolio totaling nearly $744 million.
Other notable transactions this year included:
– TA Realty repurchased San Merano at Mirasol Apartments in Palm Beach Gardens for $193 million, assuming a Freddie Mac loan.
– Favo Capital bought Hollywood’s 1818 Park tower for $190 million through an all-stock transaction.
– IMT Capital acquired a Boynton Beach complex for $183.5 million using Fannie Mae financing.
– Spanish billionaire Amancio Ortega purchased Veneto Las Olas in Fort Lauderdale for $165 million as part of global real estate investments.
– Pantzer Properties paid $161 million for an apartment building in Miramar after closing its latest investment fund.
– Property Reserve Inc., associated with The Church of Jesus Christ of Latter-day Saints, bought Del Ola apartments in Boca Raton for $152.5 million—part of ongoing acquisitions by the organization’s investment arm.
– TA Realty also acquired Pines West apartments in Pembroke Pines for $118 million.
– West Shore purchased Palm Beach Gardens Apartments for nearly $118 million.
– Related Fund Management bought Mira Delray apartments in Delray Beach for approximately $117 million using Freddie Mac financing.
These deals reflect both ongoing investor interest and adjustments within South Florida’s changing multifamily landscape.
