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SB Capital Group has acquired the Stellar at Emerald Hills apartment complex in Dania Beach for $69 million, marking a surge in multifamily deals in South Florida as the year draws to a close. The 197-unit complex was sold by Stellar Communities, with JSB Capital assuming the seller's $50 million mortgage from Delaware Life Insurance Company. Berkadia South Florida represented Stellar in the sale.

    The deal breaks down to $350,254 per unit and includes three three-story buildings and three one-story garages on a 7.1-acre site. Stellar at Emerald Hills offers one- to three-bedroom apartments with monthly rents ranging from $2,234 to $3,830. The complex provides two months of free rent for select units and certain lease terms.

    JSB Capital invests across asset classes and has been an active player in South Florida, including the purchase of the 36-unit Cannonsport condo complex last year and the 631-unit Landmark South apartment complex in 2022. Elevated interest rates had led to a decline in multifamily investment sales this year, but some firms are still finding ways to acquire properties using discretionary funds or favorable loan terms.

    In recent deals, Arch Companies sold the 60-unit Melrose Apartments for $17.5 million, and Bell Partners used its multifamily value-add fund to pay $121.3 million for the 349-unit Bell Miramar Place complex and $78.5 million for the 228-unit Bell Kendall West complex.