Miramar, Florida: Blackstone Sells Apartment Complex for $121.3 Million
In a significant real estate transaction, Blackstone (BX) has sold the Horizon at Miramar apartment complex for $121.3 million. The sale was finalized recently and marks a notable change for the 349-unit property, which has undergone various phases of ownership since its initial construction.
Details of the Sale
The property, located at 11338 SW 45th Place in Miramar, was sold by BPP Alphabet MF Miramar, part of the LivCor multifamily division of Blackstone, to Bell Value-Add Fund VIII Miramar, a subsidiary of Bell Partners based in Greensboro, North Carolina. This sale sees the apartment complex transitioning to new management as it is now officially renamed Bell Miramar Place.
Property Features
Originally built in 2012, the complex is spread across 17.7 acres and offers various amenities, including a swimming pool, playground, fitness center, clubhouse, and a lake. The property has undergone previous ownership changes, having last been sold in 2017 for $77.7 million.
Rental Information
According to Bell Partners’ website, rents at the newly renamed Bell Miramar Place start at $2,058 per month, reflecting the increased demand for rental housing in the region.
Future Plans for Renovation
Bell Partners has made it clear that they plan to invest in renovations to enhance the living experience for existing and future residents. Nickolay Bochilo, the chief investment officer at Bell, expressed optimism about Florida’s real estate market, emphasizing that the state maintains strong fundamentals that attract new residents and renters. “Florida’s long-term fundamentals remain intact, with a favorable business environment and attractive lifestyle amenities supporting in-migration and renter demand,” Bochilo stated.
Bell Partners’ Local Portfolio
Bell Partners is not new to the South Florida area; they currently manage several multifamily properties, including Bell Coconut Creek, Bell at Plantation, and Bell at Broken Sound. This latest acquisition reflects the company’s commitment to improving living standards in their properties while addressing the rising demand for apartments.
Conclusion
The sale of the Horizon at Miramar to Bell Partners marks a pivotal moment for both the property and the local rental market. As renovations are planned, the new ownership aims to provide enhanced living conditions, promising an appealing option for residents in the vibrant South Florida region.
For further inquiries or additional information regarding this transaction, interested parties can reach out to local real estate professionals.
