Blackstone Sells Miramar Apartment Complex For $121.3M
Blackstone has been on a South Florida selling spree as the year draws to a close, parting ways with an apartment complex in Miramar a week after selling a 27-property portfolio for more than $300M.
Blackstone, the world's largest commercial property owner, sold the Horizon at Miramar apartment complex for $121.3M to North Carolina-based Bell Partners, according to land records provided by Vizzda.
New York-based Blackstone, operating through the entity BPP Alphabet MF Miramar LLC, sold the 17.7-acre property at 11338 SW 45th Place after acquiring it in 2017 for $77.7M, according to property records.
Bell Partners has already rebranded the building to Bell Miramar Place, one of eight apartment complexes it owns in South Florida, according to its website. The company has a $7.3B nationwide multifamily portfolio.
The transaction was financed with a new Fannie Mae loan of $73.6M, originated by Walker & Dunlop, according to Vizzda records.
Bell Partners didn't respond to Bisnow’s request for comment. A Blackstone spokesperson declined to comment.
Originally built in 2012, the 349-unit apartment complex spans 15 three-story buildings totaling more than 426K SF.
Bell Miramar Place offers apartments ranging from one to three bedrooms and from 820 SF to 1,400 SF, according to its website. Pricing begins at $2,048 a month and tops out at $2,942 monthly. The gated complex also features a pool, fitness center, clubhouse and playgrounds.
The sale is just the latest in the last couple of months for Blackstone.
Last week, Blackstone sold a 26-building South Florida industrial portfolio to Longpoint Partners for $331.3M, Commercial Observer reported.
Outside the region, Blackstone unloaded an $845M multifamily portfolio in Dallas this month and sold 3,600 apartments for nearly $1B in New York City in August.
The recent sales could signal the beginning of a strategic pivot.
Blackstone President Jonathan Gray said on an earnings call last month that the company had committed $22B toward real estate acquisitions through the first nine months of 2024, more than double its outlays for the same period in 2023.
Despite the heavy focus on acquisitions, Blackstone CEO Stephen Schwarzman added that the company intended to strike a better balance by increasing its property sales as the year progressed. Investments have dominated its strategy so far, but Schwarzman said he anticipated more asset sales as the firm capitalizes on a broad market recovery.
