Blackstone’s LivCor multifamily division recently sold the Horizon at Miramar apartments for $121.3 million, with each of the 349 units selling for an average of $347,564. The buyer was Bell Partners and they acquired the complex located at 11338 S.W. 45th Place in Miramar from LivCor.
According to reports from South Florida Business Journal, Bell Partners took over a mortgage worth $76.8 million from Walker & Dunlop as part of the purchase agreement and has renamed the property to Bell Miramar Place.
The acquisition was made on behalf of Bell Partner’s Bell Value-Add Fund VIII and marks their second time owning this property since purchasing it in 2017 for $77.7 million.
Sitting on a spacious 17.7-acre site just north of Broward-Miami-Dade County line near Red Road exit off Florida’s Turnpike, this apartment complex spans across approximately 426,620 square feet and offers amenities such as a pool, playground area, fitness center clubhouse,and lake access.
Bell Miramar Place boasts unit sizes ranging between823 to1 ,566 square feet with rental prices starting at$2 ,048and going up to$2 ,942.Bell Partners currently owns or manages around11 ,500apartment homes throughout Florida.The recent sale is indicativeof Blackstone’s strategyto divest its assets through spin-offs likeLivCorin order tobetter focusonits core business operations.Connect CREwas firstto reportthis news.
