Federal Capital Partners (FCP) has acquired a Miramar, Florida apartment complex for $67.5 million, according to a report from The Real Deal.
The deal for the 250-unit property, called Alexan Miramar, comes at a cost of about $270,000 for each apartment and was recently developed by Trammell Crow Residential, which paid $9.8 million for the site in 2021. Part of the deal will include FCP taking on Trammell's $43.3 million loan.
The two six-story building property features 100 two-bedrooms, 102 one-bedrooms, 12 three-bedrooms, and 36 studios.
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Since its establishment in 1999, FCP has invested or financed more than $13.1 billion in properties. Also, this isn't Trammell's first time selling a complex in The Sunshine State after developing it. It sold Casero Apartments (368 units) for $156 million in Fontainebleau after completing the development in 2022. On FCP's end, this year it said goodbye to 352-unit Windward Vista for $44.1 million.
For many multifamily landlords, high supply has been difficult to navigate around. However, some markets are starting to hit their peaks for apartments, including Central Florida, according to RealPage in a recent analysis. The property management software firm also said that South Florida and the Carolinas will likely experience their supply peak in a few more quarters, while Jacksonville will be one market to watch with its aggressive development pipeline.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
