R
esia, a Miami-based developer, owner, and manager, has sold its 390-unit garden-style apartment community, Resia Old Cutler, in Goulds, Florida, to Kayne Anderson Real Estate. However, the property management team will remain under Resia's control.

    The sale marks Kayne Anderson Real Estate's first transaction with Resia, a company that manages three other properties nearby. The buyer, which focuses on medical office buildings, student housing, senior housing, and attainable housing, sees Resia Old Cutler as a prime example of its strategy to offer quality living environments catering to growing demand for affordable housing.

    Resia Old Cutler features one-, two-, and three-bedroom apartments, amenities such as a multipurpose room, fitness center, children's play area, and swimming pool. Rents range from $2,100 to $2,810 per month.

    According to Resia's Chief Investment Officer Carlos E. Gonzalez, the company had planned to sell the property at stabilization, which was achieved with Fannie Mae agency debt. The sale will allow Resia to focus on building workforce housing in the Sun Belt and fund new projects.

    The funds from the sale will be used to start new developments and pay off construction lenders, giving Resia more flexibility to fund future projects. Gonzalez expressed excitement about continuing to grow while maintaining a hands-on approach with managed properties.