The recently completed Alexan Park 82nd Apartments in Doral have been sold for a staggering $156 million. The seller, an affiliate of Trammell Crow Residential, has successfully closed the deal with the buyer, associated with Stockbridge Capital Group.
This impressive price equates to $423,913 per unit for the 368 apartments located at 8300 Park Blvd. It is worth noting that according to the deed, no conversion into condominiums will be allowed until 2035.
Spanning over four stories and totaling a whopping 393,188 square feet on an expansive11.3-acre site formerly occupied by Costco store; these apartments range from800 to1 ,364 square feet each.
According to South Florida Business Journal’s report on apartment acquisitions in South Florida this year amid higher interest rates; there has been a slowdown.However,this particular deal was ableto close all cash without any hindrances or delays.
The article “Miami Apartments Flip for $423K/Unit” originally appeared on Connect CRE.
