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Blackstone Affiliate Spins Off Miramar Rental Asset
The LivCor multifamily division of Blackstone sold the 349-unit Horizon at Miramar apartments for $121.3 million. That comes out to $347, 564 a unit. Bell Partners was the buyer of the complex at 11338 S.W. 45th Place, Miramar. The S. Florida Business Journal reports the buyer assumed a $76.8 million mortgage from Walker & Dunlop. Bell Partners renamed the property Bell Miramar Place. The property was acquired on behalf of the company’s Bell Value-Add Fund VIII.
It last traded for $77.7 million in 2017.
Totaling 426,620 square feet, the apartment complex was built on the 17.7-acre site just north of the Broward-Miami-Dade County line and near the Red Road exit of Florida’s Turnpike in 2012. It includes a pool, a playground, a fitness center, a clubhouse and a lake.
The units in Bell Miramar Place range from 823 to 1,566 square feet and rent from $2,048 to $2.942. The company owns and/or manages approximately 11,500 apartment homes in Florida.
Don’t miss Connect Southeast Multifamily this Thursday, December 5th, in Key Biscayne, FL! Multifamily’s leaders from Lument, TruAmerica Multifamily, Transwestern, CoStar Group, Trimont, Berkadia, RCKRBX, Wells Fargo, and more will be speaking and the most active dealmakers and decision makers will be in attendance. Be there in-person to learn what the industry’s experts forecast 2025 will bring to dealmaking, development, management, investment, financing, and more throughout the Southeast states! www.ConnectSEMF2024.com
- ◦Sale/Acquisition
