Rockpoint Sells Miramar Rentals for $295M in Latest South Florida Divestment

The trade includes two properties in Miramar, Fla., both of which were completed last year. Located at 11385 SW 30th Court, the 320-unit Altis Miramar sold for $149 million, according to property records. Atra Miramar is a mile and a half south of Altis at 2750 SW 113th Lane. It features 330 apartments and traded for $146 million. 

To fund the Miramar purchases, the buyer, AvalonBay Communities, a Virginia-based REIT that specializes in multifamily rentals, sold three properties in Elmsford, N.Y., for a combined $306 million, AvalonBay stated in its latest earnings report. 

AvalonBay’s acquisition ranks among the largest gross multifamily trades in South Florida. Earlier this year, a joint venture led by Harbor Group International (HGI)bought a complex in Downtown Miami for over $400 million, which remains the priciest rental purchase. Last month, HGI spent $185 million for a property in Brickell. 

Taking advantage of South Florida’s sizzling real estate market, Rockpoint has offloaded its portfolio in the region, across asset classes. It sold an office tower in Brickell to hedge fund Citadel for $286.5 million, making it Miami’s priciest trade since the pandemic hit over two years ago. The investor later offloaded an outdoor mall, also in Brickell, for $216 million. 

In Miramar, Rockpoint and Altman paid a combined $26.5 million for the developable parcels in 2019 and shortly thereafter secured a $98 million loan from PNC Bank, per records.

Along the beach in Bal Harbour, Rockpoint is developing a condo building with the Related Group and Two Roads Development. 

A spokesperson for Rockpoing declined to comment. Representatives for Altman and AvalonBay did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.