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Why a Miami Apartment Investor Took a Year to Make First Deal

PIA Residential Plans to Buy 10,000 Units in Next Decade Crystal Lake Apartments' Miami-based owner plans renovations at the 22-year-old complex in Pensacola, Florida. (CoStar) A year after it transitioned its investment strategy from single-family homes to apartments, a Miami-based firm has made its first acquisition. PIA Residential bought the Crystal Lake Apartments in the [...]

Home-Rental Firm Seeks Apartments

Home-Rental Firm Seeks Apartments A firm that built its business buying distressed single-family houses and turning them into rentals is now switching strategies and pursuing traditional multi-family properties. PIA Residential is the new name of a Miami shop that jumped into the South Florida housing market during the downturn a decade ago, snatching up hundreds [...]

PIA Residential Acquires 224-Unit Crystal Lake Apartments in Pensacola, Florida for $26.3 Million

PIA Residential Acquires 224-Unit Crystal Lake Apartments in Pensacola, Florida for $26.3 Million PENSACOLA, FL - In its first acquisition since transitioning from single-family rental homes to institutional multifamily apartments, PIA Residential of Miami has acquired Crystal Lake, Apartments, a 224-unit value-add community in Pensacola, FL for $26.3 million. The 24-acre Class B rental community at [...]

With Portfolio Sale, PIA Group Shifts Focus To MF

With Portfolio Sale, PIA Group Shifts Focus To MF MIAMI—Property Investment Advisors Group of Miami has sold a portfolio of 200 single-family homes in South Florida to New York City-based Cerberus Capital Management in a deal valued at $47 million. The deal marks a shift in corporate purchasing strategy for the PIA Group from single-family [...]

Cerberus buys 200 South Florida homes

New York-based Cerberus Capital Management has acquired a portfolio of 200 single-family homes in South Florida for $47 million. Miami-based Property Investment Advisors (PIA) Group had acquired the homes from 2010 through 2013 and operated them as rentals. About 40 percent of them were in Miami-Dade County, another 40 percent in Broward County, and the [...]

With $47M Portfolio Sale, PIA Group Shifts Focus to Multifamily

With $47M Portfolio Sale, PIA Group Shifts Focus to Multifamily 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 [...]