Trammell Crow Sells New Miramar Rental Complex to FCP

FCP bought a newly completed 250-unit apartment complex in Miramar for $67.5 million, amid a year-end rush on South Florida investment sales.

Chevy Chase, Maryland-based FCP, which is short for Federal Capital Partners, bought Alexan Miramar at 3155 Southwest 147th Terrace from the developer, Trammell Crow Residential, according to records and real estate database Vizzda. The deal breaks down to $269,840 per apartment.

The buyer assumed the seller’s $43.3 million loan on the property, bumping it up to $52.7 million. JP Morgan Chase is administrative agent for the lenders, records show.

Robert Given was part of the CBRE team that represented Trammel Crow in the sale. Denny St. Romain was part of the brokerage’s team that represented the buyer in the financing.

Alexan Miramar consists of a pair of six-story buildings and a two-story clubhouse on a 9-acre site, Vizzda records show. It has 36 studios, 102 one-bedroom apartments, 100 two-bedroom apartments and 12 three-bedroom apartments.

Trammell Crow paid $9.8 million for the development site in 2021, two months after scoring city commission approval for the project. It completed the project this year.

Trammel Crow Residential is a division of Dallas-based Crow Holdings, led by CEO Michael Levy. It has developed more than 265,000 units nationwide, according to its website. Crow Holdings was thrust into headlines last year over its former CEO Harlan Crow’s lavish gifts to Supreme Court Justice Clarence Thomas.

Last year, Trammell Crow and Washington, D.C.-based private equity firm Carlyle sold the 368-unit Casero Apartments complex at 8255 Park Boulevard in Miami-Dade County’s Fontainebleau neighborhood for $156 million. The sellers had completed the complex in 2022.

FCP, led by founding managing partners Esko Korhonen and Lacy Rice, has made more than $13.1 billion in property investments and financings since it was founded in 1999, according to its website.

Last year, it dropped $53.1 million for the 220-unit Avana Cypress Creek complex at 1700 South State Road 7 in North Lauderdale. This month, FCP sold the 352-unit Windward Vista complex at 4491 Northwest 19th Street in Lauderhill for $44.1 million.

South Florida is experiencing a flurry of commercial real estate investment sales at year-end. In recent multifamily deals, Miami-based EcoStone Group paid $17.6 million this month for the 63-unit Ipanema Apartments building at 120 Southwest Eighth Avenue in Little Havana. That came on the heels of JSB Capital Group paying $69 million for the 197-unit Stellar at Emerald Hills complex at 5800-5840 Lakeshore Drive in Dania Beach.