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coStone Group has acquired a 63-unit apartment building in Miami's Little Havana neighborhood for $17.6 million, marking a significant deal amidst a year-end surge in multifamily investment sales across South Florida. The company secured a $12 million loan from Intercredit Bank to purchase Ipanema Apartments at 120 Southwest Eighth Avenue. The sellers, led by Brooklyn-based entities Samuel Matalon and Allen Franco, had paid $13.6 million for the property in 2015.

    The purchase price of $279,365 per unit is notable, given the current market conditions. EcoStone, a real estate investment and construction contracting company founded by brothers Juan and Javier Gómez, has been actively expanding its portfolio. The firm recently landed a $23 million construction loan for an eight-story apartment building in Miami's Allapattah neighborhood.

    South Florida's multifamily market experienced a slowdown this year, following the frenzy of 2021 and 2022 driven by out-of-state investors. However, recent weeks have seen a surge in activity as investors rush to close deals before year-end. This month alone has witnessed significant transactions, including JSB Capital Group's $69 million purchase of the Stellar at Emerald Hills apartment complex and F/Advance Capital's $17.5 million acquisition of Melrose Apartments.