- Crow Holdings paid $97.5M for the 376-unit 33 West apartment complex in Davie, marking a per-unit price of $259,308.
- The sale reflects a cautious rebound in South Florida’s multifamily market, which cooled significantly after the pandemic-era boom.
- No mortgage was recorded on the deal, suggesting it may have been an all-cash purchase as investors seek to sidestep elevated interest rates.
Crow Expands in Davie
According to The Real Deal, Crow Holdings, a Dallas-based investment firm, bought the 376-unit 33 West complex for $97.5M. The community is located at 6300 Southwest 24th Place and spans 15.5 acres.
Property Details
Built in 2013, 33 West includes 14 three-story buildings and two one-story structures. The apartments range from one to three bedrooms. Monthly rents run between $2,105 and $2,767, according to the property’s website.
Transaction Background
Clarion Partners acquired the complex in 2018 by taking over AVR Realty’s ownership stake. AVR had purchased the property for $78.8M in 2014. Although Clarion’s acquisition price is undisclosed, no deed was recorded at the time.
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Crow’s South Florida Track Record
Led by CEO Michael Levy, Crow Holdings has remained active in the region. Last year, its affiliate, Trammell Crow Residential, sold the 250-unit Solena Miramar complex for $67.5M. Additionally, it offloaded the 368-unit Casero Apartments for $156M, making it one of the largest local multifamily deals of 2023.
Multifamily Sales Begin to Rebound
South Florida’s multifamily market is recovering slowly. After booming in 2021 with $5.3B in Broward County sales, volumes fell to just $1.2B in 2023. In 2024, they climbed to $2.1B, signaling renewed—but cautious—interest.
All-Cash Deals Gain Traction
No mortgage was recorded in Crow’s latest deal, suggesting an all-cash purchase. This mirrors recent trends. Many investors are choosing to bypass high interest rates by using equity. For example, Ponte Gadea, led by Amancio Ortega, paid $165M in cash for the Veneto Las Olas tower in Fort Lauderdale.
Why This Matters
Institutional investors like Crow Holdings are returning to South Florida. While deal volume remains below peak levels, quality assets in stable submarkets like Davie are attracting attention.
What’s Next
As interest rates stabilize, more capital could return to the region. Investors will likely focus on well-leased, Class A properties with strong rent potential. The Davie purchase may signal more activity to come in Broward County.
