MIAMI—Colliers International South Florida recently closed on a $61 million off-market transaction for a multifamily property located in West Kendall. The transaction highlights the growing appetite for class B and C apartments as demand for affordable market-rate rentals skyrockets in South Florida.

Investors are chasing these types of deals at a time when there's a growing supply of class A product being delivered in South Florida, particularly Miami. GlobeSt.com sat down with Larry Stockton, senior vice president of Colliers International South Florida, to find out more about this trend.

“We recently closed on a $61.24 million off-market deal for The Broadwater Apartments in suburban West Kendall, a highly populated area We had been eyeing the property for over two decades and had approached the owners on several occasions to sell the asset on their behalf for more than what they paid for it,” Stockton tells GlobeSt.com. Stockton is one of the Colliers brokers who represented the buyer and seller in the sale of The Broadwater Apartments in suburban West Kendall.