TA Realty Buys Back South Florida Multifamily Asset for $193M

TA Realty bought back a multifamily community in Palm Beach Gardens, Fla., for $193 million — nearly twice the price the Boston-based investor sold the asset for eight years ago to Blackstone, property records show. 

Called San Merano at Mirasol, the 30-acre property features 476 apartments at 100 Portofino Drive, facing the Florida Turnpike. The complex, which was built in 2002 within the Mirasol Country Club, includes a 3-acre lake and houses 31 two-story buildings. 

In 2010, TA Realty purchased the asset for $69 million from Kolter, which had developed the 621,404-square-foot community, according to property records. Seven years later, TA Realty sold the complex for $103.6 million to Blackstone. 

After the pandemic hit in 2020, rents in South Florida skyrocketed after droves of Northerners relocated to the South. In the past few months, though, rates have dipped. 

The latest sale — which breaks down to just over $405,000 per unit — stands as one of the largest multifamily sales in South Florida this year. The purchase also adds to TA Realty’s growing rental portfolio in the region. 

In January, the investor purchased a 300-unit apartment complex in Pembroke Pines for $118 million. In 2021, it paid $83 million for a 172-unit property in Delray Beach, The Real Deal reported. 

On the industrial front, it bought a 509,522-square-foot campus near Miami-Opa Locka Executive Airport for $160 million last year, again from Blackstone.  

Representatives for TA Realty and Blackstone did not immediately respond to requests for comment.

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