The Horizon at Miramar apartment complex has just been sold by Blackstone's LivCor multifamily company for $121.3 million, or $347,564 per unit.
This news came barely a week since Blackstone sold a portfolio of 27 properties for over $300 million. Bell Partners Inc., a well-known multifamily housing corporation, bought the property, which Blackstone bought for $77.7 million in 2017. One of the biggest professional real estate financiers in the US, Walker & Dunlop, gave Bell Partners a mortgage worth $76.8 to help close the deal. Such deals tend to be closed on documents with official Letterheads.
After the purchase, which was done on behalf of the business's Bell Value-Add Fund VIII, Bell Partners rebranded the property as Bell Miramar Place. Constructed in 2012, the 426,620-square-foot apartment complex is situated on a 17.7-acre plot of land close to the Florida's Turnpike's Red Road exit. A lake, a clubhouse, a fitness facility, a playground, and a pool are among the facilities on the site. The Property is twelve years old and will be renovated by Bell Partners to increase its value and appeal.
Bell Miramar Place's apartments are up to 1,566 square feet in size, and they rent for about $2,000 to $3000. As part of its national portfolio, Bell Partners presently owns and operates about 11,500 apartment buildings in Florida. The company's long-term goal of sustaining a significant presence in carefully chosen areas is supported by its emphasis on real estate investments.
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