The LivCor multifamily division of Blackstone sold the 349-unit Horizon at Miramar apartments. Selling the Horizon at Miramar apartment complex in Miramar a week after selling a 27-property portfolio for more than $300M.
Bell Partners Inc. has paid $121.3 million, or $347,564/unit. That comes out to $347, 564 a unit. It last traded for $77.7 million in 2017.
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.
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. New owner Bell Partners plans to renovate the 12-year-old property.
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.
Walker & Dunlop is one of the largest commercial real estate finance and advisory services firms in the United States.
Blackstone is the world’s largest alternative asset manager, with more than $1 trillion in AUM. We serve institutional and individual investors by building strong businesses that deliver lasting value. Our scale – with 12,700 real estate assets and 240+ portfolio companies enable us to invest in dynamic sectors positioned for long-term growth.
With a clear strategy, a disciplined focus, and competitive advantages in Investment Management, Property Management and Construction Management, Bell Partners Inc want to be the long-term partner of choice for multifamily housing. As one of the leading apartment managers in the U.S., Bell Partners Inc maintain a nationwide geographic footprint with increased focus and scale in our carefully selected target regions.
