Blackstone Sells South Florida Apartment Complex For $121M

Blackstone (BX) has sold the Horizon at Miramar apartment complex in Miramar, Fla., for $121.3 million, according to a deed. New owner Bell Partners plans to renovate the 12-year-old property.

BPP Alphabet MF Miramar, part of the LivCor multifamily division of Blackstone, sold the 349-unit property at 11338 SW 45th Place to Bell Value-Add Fund VIII Miramar, a unit of Bell Partners of Greensboro, N.C.

The new owner renamed the property Bell Miramar Place. Rents start at $2,058 a month, according to Bell Partners’ website.

The complex, built in 2012, most recently sold for $77.7 million in 2017, according to property records. 

The 17.7-acre property is just west of Red Road and just south of Florida’s Turnpike. Features include a pool, a playground, a fitness center, a clubhouse and a lake.

“Florida’s long-term fundamentals remain intact, with a favorable business environment and attractive lifestyle amenities supporting in-migration and renter demand,” Nickolay Bochilo, Bell’s chief investment officer, said in a statement. “At Bell Miramar Place we believe the upgrades being planned for individual apartment homes and common areas will deliver a superior living experience for our current and future residents.”

Bell Partners owns a number of multifamily properties in South Florida, including Bell Coconut Creek, Bell at Plantation and Bell at Broken Sound.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.