New 380-Unit Multifamily in Miramar Goes for $133M
Berkadia has arranged the $133 million sale of LUMA at Miramar, a new 380-unit, garden-style multifamily community located Miramar, FL, on behalf of seller ANSCA. Avalon Bay Communities acquired the property.
LUMA at Miramar was built in 2019 and stabilized in Q1 2020, with occupancy remaining at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale.
“Luma at Miramar’s excellent location and design provides a significant source of appeal to the surging demand for housing in Broward County,” said Roberto Pesant, senior managing director of Berkadia Miami. “A confluence of factors is driving this demand, including a 7,500-unit housing deficit, accelerated post-pandemic migration and relocations to South Florida, as well as a significant increase in single-family home values.”
LUMA at Miramar consists of three- and four-story buildings with one-, two- and three-bedroom apartments. It is 30 minutes from downtown Fort Lauderdale.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.