Blackstone Pays $209M for Two Multifamily Properties in Doral
The two garden-style apartment communities—Doral View at 901 NW 97th Ave. and Town Fontainebleau Lakes at 1062 NW 87th Ave. were sold by Miami-based Related Group and Boston-based Rockpoint Group.
MIAMI—New York City-based global investment firm Blackstone has acquired two apartment properties in the Doral submarket here totaling 720-units for $208.75 million.
The two garden-style apartment communities—Doral View at 901 NW 97th Ave. and Town Fontainebleau Lakes at 1062 NW 87th Ave. were sold by Miami-based Related Group and Boston-based Rockpoint Group. The transaction calculated out to Blackstone acquiring the properties for approximately $290,000 per unit.
The deal was reported by commercial brokerage firm Cushman & Wakefield. Vice chairman Robert Given, executive managing director Troy Ballard, executive managing director Zachary Sackley, senior financial analyst James Quinn and director Neal Victor of Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented Related Group and Rockpoint Group in the disposition. The team launched marketing efforts on the properties in February.
Completed between 2014 and 2016, the two communities are 95% occupied and make up approximately 10% of garden apartment inventory built in Miami-Dade over the last decade.
“There has been an incredible amount of demand for multifamily product in the Doral submarket, and this offering represented one of the few remaining opportunities for investors this cycle,” says C&W’s Given. “With this disposition, essentially all garden-style product in Doral has either traded during this cycle or is being held long-term.”
The two properties offer access to major employment centers in Doral and Blue Lagoon, Florida International University and Downtown Miami, as well as nearby retail and entertainment in Downtown Doral, CityPlace Doral and Topgolf Miami-Doral.
The 720 units range from one- to three-bedroom residences and average 954 square feet. Amenities include three resort-style pools, expansive 24-hour fitness centers with dedicated yoga and virtual spinning rooms, two lighted tennis courts, a jogging trail, a business center, a cyber cafe with coffee/tea bar and outdoor summer kitchens with grills. Private garages and storage units are also available.
“This property is a testament to the market and the growing demand for multifamily residential property in Miami-Dade,” says Steve Patterson, CEO and president of Related Development. “As Related enters its 40th year, with partners such as Rockpoint Group, we constantly look for ways to propel South Florida into the next stage of its urban evolution and this recent acquisition fulfills our long-term goal of revitalizing Doral as well as other emerging neighborhoods.”