The barely completed Alexan Park 82nd Apartments in Doral was sold for $156 million. The seller was an affiliate of Trammell Crow Residential. The buyer is associated with the Stockbridge Capital Group.
The price paid for the 368 apartments at 8300 Park Blvd. equated to $423,913 per unit. The deed also stated that the property may not be converted into condominiums until 2035.
Totaling 393,188 square feet in four stories, the apartment complex was developed on an 11.3-acre site that previously had a Costco store. Units range from 800 to 1,364 square feet.
South Florida Business Journal reports there has been a slowdown in apartment acquisitions in South Florida this year amid higher interest rates, but this deal closed all cash.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.