Riverwalk II, an affordable apartment complex in Homestead, sold for $12 million.
YTech-112 Units Homestead Investments, managed by Hugo Cascavita in Miami, sold the 112 apartments at 301 S.E. 6th Ave. to Riverwalk II LLC, an affiliate of Santa Monica, California-based Lincoln Avenue Capital. The buyer secured a $12.1 million loan from the NEF Preservation Mortgage Loan Fund and assumed a $770,000 loan from the Florida Housing Finance Corp.
The price equated to $107,143 per square foot.
Riverwalk II last traded for $6.2 million in 2013.
Totaling 89,218 square feet, the apartment complex was developed on the 8.2-acre site in 1994. It has a pool and a lake.