iStar-Affiliated Trust Paid $122M for Rental in Miami’s North Bay Village
By Julia Echikson December 8, 2021 6:38 pm
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Safehold (SAFE), an iStar-affiliated trust, dropped $122 million on a waterfront rental complex in North Bay Village, property records show.
Located at 8000 West Drive, Moda North Bay Village Apartments sits at the northern tip of the island town situated along the 79th Street Causeway between Miami Beach and the city of Miami.
The eight-story property includes 285 units and a pool spanning 567,884 square feet, per records. Monthly rents for studios to two-bedrooms range between $2,208 and $4,577, according to Apartments.com.
The seller, Clarion Partners (CPREX), purchased Moda’s 196,456-square-foot lot for $13.8 million in 2012 and completed construction three years later, per records.
The 2021 sale equates to $428,000 per apartment. Safehold agreed to not convert the rental property into a condominium, as a public document shows.
The restriction is unlikely to handicap the New York-based trust since it specializes in ground leases. True to its mission statement, the REIT signed a 99-year ground lease with Waypoint Realty Holdings, which will manage the property, a public document indicates.
Safeguard claims its formula offers higher cash-on-cash returns to building owners than fee simple ownership.
iStar, a New York-based investment, financing and development firm, owns approximately two-thirds of Safehold. The companies also share the same CEO, Jay Sugarman.
Julia Echikson can be reached at jechikson@commercialobserver.com.
