The LivCor multifamily division of Blackstone sold the 349-unit Horizon at Miramar apartments for $121.3 million. That comes out to $347, 564 a unit. Bell Partners was the buyer of the complex at 11338 S.W. 45th Place, Miramar. The S. Florida Business Journal reports 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. 

It last traded for $77.7 million in 2017.

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.

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.

The post Blackstone Affiliate Spins Off Miramar Rental Asset appeared first on Connect CRE.