Crow, Carlyle Sell New Multifamily Property in Miami-Dade for $156M
By Julia Echikson September 20, 2023 3:32 pm
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Stockbridge Capital Group paid $156 million for a newly completed multifamily property in Doral, Fla., property records show.
Called Alexan Park 82nd Apartments, the property features 368 units at 8300 Park Boulevard, just south of the Dolphin Expressway.
As part of the sale, which equates to nearly $424,000 per unit, Stockbridge is prohibited from converting the units into condos before 2036, according to the deed. Walker & Dunlop’s Still Hunter and Engler Realty Advisors, led by Greg Engler, arranged the transaction.
The 393,188-square-foot complex was completed last year by the sellers, real estate heavyweight Crow Holdings and private equity giant Carlyle Group. In 2020, the joint venture purchased the 11-acre site from Costco for nearly $20 million and secured a $53 million construction loan from Santander Bank.
Representatives for the sellers and buyer did not immediately respond to requests for comment.
Sales of South Florida rental properties have slowed this year following the Federal Reserve’s interest rate hikes. The Alexan Park sale marked the largest sale in four months, with new construction nabbing top dollar.
In June, Related Group and Rockpoint sold a newly completed apartment complex in Palm Beach County for $138 million. Last month, GID paid $92 million for an apartment complex along Miami’s Ludlam Trail that was completed in 2022.
Stockbridge, a San Francisco-based investor, already has a presence in the region. Last year, it purchased a 23-acre industrial development site in Deerfield Beach for $59 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
