AvalonBay Buys Miramar Rental for $133M

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AvalonBay Communities is doubling down on South Florida, purchasing a rental complex in Miramar, Fla., only weeks after acquiring a nearby property.

The Arlington, Va.-headquartered firm paid $133 million, all cash, for LUMA at Miramar, a garden-style multifamily community, according to Berkadia, which represented the seller, ANSCA

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Completed in 2019, the property includes 380 units, across a number of three- and four-story buildings. Occupancy remained at or above 90 percent throughout 2020 and 2021, and was fully occupied at the time of the sale, per Berkadia. 

ANSCA, based in Boynton Beach, bought the 11.7-acre parcel for $12.7 million in 2017, and secured a $51.2 million construction loan from the Florida Community Bank, property records show. 

Located at 4300 SW 113th Terrace, the rental property sits across the street from the massive Miramar Park of Commerce office park, along the intersection of the Ronald Reagon Turnpike and Florida State Road 823.

The Miramar deal comes only two weeks after AvalonBay dropped $150 million for Curv, a 243-unit rental anchored by Whole Foods in Downtown Fort Lauderdale. 

AvalonBay reported net profits of $79 million during the third quarter of 2021. The firm, led by Timothy Naughton, says it owns 293 multifamily properties across 13 states, which include 87,416 apartments, and employs 3,000 workers.

Representatives for AvalonBay did not immediately respond to a request for comment. Berkardia’s Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota worked on behalf of the seller.