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outh Florida's multifamily market felt the effects of elevated interest rates this year, with no single-asset purchase exceeding $200 million. This marks a decline in pricing compared to last year, when the largest deal was $223.5 million. The Federal Reserve's 11 rate increases have made financing more expensive, reducing investors' buying power and causing some lenders and equity investors to become more cautious.

    Despite this, many buyers were still able to participate in the market, relying on discretionary funds or federal agency loans that offer better terms than bank financing. Some also assumed sellers' existing debt on properties. The largest deal of the year was made by Grant Cardone's crowdfunding multifamily syndicator, who paid over $500 million for a three-property portfolio in Broward County.

    Here are the top 10 multifamily sales of 2024:

    1. Grant Cardone's Broward binge: Cardone Capital paid more than $500 million in cash for three apartment properties in Broward County, including the Manor at Flagler Village building and the Laurels at Jacaranda complex.

    2. Dermot drops $144M for Wellington complex: The New York-based firm bought the 350-unit Quaye at Wellington complex from San Francisco-based Stockbridge Capital Group for $144.2 million.

    3. Ares picks up Boca Raton property for $140M: The Los Angeles-based investment firm acquired the eight-story Ceru building in Boca Raton from Fort Lauderdale-based Mainstreet Capital Partners for $139.7 million.

    4. Pantzer pays $139M for Doral complex: New York-based Pantzer Properties bought the 352-unit Point at Lakeside property in Doral from Chicago-based AMLI Residential for $139.3 million.

    5. KKR pays $134M for Doral complex: The private equity giant acquired the 440-unit Palmera complex in Doral as part of a nationwide multifamily portfolio purchase for $2.1 billion.

    6. Mormon Church buys Plantation rentals for $133M: The Church of Jesus Christ of Latter-day Saints' commercial real estate arm bought the Ellsworth building in Plantation from Fort Lauderdale-based Stiles and Newark, New Jersey-based PGIM Real Estate for $133 million.

    7. KKR's pays $129M for Fort Lauderdale complex: The private equity firm paid $129 million for the two-building, 386-unit Whitney complex in Fort Lauderdale as part of its nationwide apartment portfolio purchase.

    8. Bell Partners picks up Miramar complex for $121M: The Greensboro, North Carolina-based firm bought the 349-unit Bell Miramar Place property from Blackstone's multifamily arm LivCor for $121.3 million.

    9. Milestone bets on Delray Beach with $112M deal: The Dallas-based investment manager acquired a 488-unit apartment complex in Delray Beach from Wellington-based Bainbridge Companies for $111.6 million.

    10. Abacus Capital makes $110M Pembroke Pines play: New York-based Abacus Capital Group paid $110 million for the 368-unit Marela Apartments in Pembroke Pines, marking a 9 percent discount from its price in 2021.