In a deal valued at $47 million, Property Investment Advisors (PIA) Group of Miami has sold a portfolio of 200 single-family homes in South Florida to New York City–based Cerberus Capital Management, reports John Jordan for Globe Street.

The transaction signals a change in PIA’s corporate acquisitions strategy from single-family product to multifamily value-add assets.

“The sale to Cerberus Capital Management went ‘extremely smooth,’ says Jimmy Levy, co-founder and partner of PIA Group. “Cerberus is a $30-billion global investor and asset manager. They are agile, responsive, closed quickly, on time and on contract. We look forward to an ongoing relationship with them as we continue to grow our portfolio.”

He says that the PIA Group is now “laser focused” on acquiring multifamily assets it can improve, amenitize and manage.

News Obtained from GlobeSt.Com