Maryland Investor Pays $67M for 250-Unit Multifamily Property in Miramar, Fla.

The 250-unit Alexan Miramar apartment complex in Miramar, Fla., changed hands for $67.5 million, according to a deed recorded Thursday.

An affiliate of FCP of Chevy Chase, Md., acquired the newly constructed multifamily community at 3155 SW 147th Terrace in southwestern Broward County, about 22 miles northwest of Downtown Miami. Trammell Crow Residential sold the property for about $269,840 a unit.

FCP took a $52.7 million mortgage on the property, which included assuming a loan with a balance of $43.3 million and taking on an additional $9.4 million in debt, according to a mortgage filed Thursday. J.P. Morgan Chase is the lender.

Denny St. Romain and Charles Crapse of CBRE (CBRE) secured the debt for FCP, and Robert Given and Zachary Sackley of CBRE brokered the transaction.

“Alexan Miramar is a strategic addition to FCP’s growing Florida portfolio,” Bruce Gago, senior vice president at FCP and head of the company’s Florida investments, said in a statement. “In a challenging macro environment, FCP continues to identify and execute on opportunities that align with our commitment to delivering high-quality housing in prime locations.” 

The Alexan Miramar community features apartments ranging from studios to three-bedrooms. Amenities include a saltwater pool, a fitness center with rooftop activity deck, a shaded 3,000-square-foot dog park and coworking spaces.

FCP is a privately held real estate investment company that has invested in or financed more than $13.1 billion in assets since its founding in 1999.

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