The property's occupancy at closing was 93%. The transaction is believed to be the largest apartment deal in Miami-Dade County this year. The acquisition was Stellar's first in South Florida.
The sellers' corporate name is 142 Biscayne Associates. Foufas and ING bought the property in May 1999 for an undisclosed sum when it was known as Village Park Towers.
"The key element that made Biscayne Place so appealing to investors was the fact that the seller left room for a purchaser to create value through further improvements and repositioning," Marc deBaptiste, managing director, Atlantic Realty Partners, says in a prepared statement.
Brad Capas, senior vice president of the Boca Raton, FL-based brokerage who co-brokered the deal with deBaptiste, says the transaction "illustrates the incredible investor demand for rental apartments in Miami-Dade County."
Biscayne Place monthly rents range from $639 for a 506-sf studio unit to $1,450 for 1,450 sf of living area.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.