Blackstone is wheeling and dealing in South Florida, picking up a fairly new Miami Lakes multifamily project for $115.9 million, about the same time the global investment firm sold a Hialeah office building.
An affiliate of New York-based Blackstone, led by Stephen Schwarzman, acquired Solea at Miami Lakes at 17405 Northwest 94th Court, records and real estate database Vizzda show.
The deal breaks down to $323,008 per apartment for the 359-unit community of 11 three-story buildings.
The seller, Greystar, led by Bob Faith, completed Solea at Miami Lakes in 2023. Two years earlier, the Charleston, South Carolina-based firm acquired the 20.2-acre site for $21.4 million from David Martin’s Terra, records show.
The complex offers a mix of one-, two- and three-bedroom units with monthly rents between $2,310 to $3,410, according to Apartments.com. The website also notes that Solea at Miami Lakes has 31 available units and is offering one month’s free rent to new tenants.
Two days after acquiring Solea at Miami Lakes, Blackstone and its subsidiary, Link Logistics, sold an older office building in neighboring Hialeah for $20.5 million. Ali Ahmed, a Miami Lakes-based car dealer, bought the 13.3-acre site. The single-story building was completed in 1995.
Between November and December, Link Logistics sold three South Florida industrial portfolios in separate deals for a combined $696.8 million. The sales marked the priciest industrial deals of 2024.
Also in November, Blackstone sold a 17.7-acre apartment complex in Miramar for $121.3 million. Greensboro, North Carolina-based Bell Partners bought the 349-unit garden-style apartment community consisting of 15 three-story apartment buildings.
Meanwhile, Solea at Miami Lakes represents the second South Florida apartment complex built in 2023 and sold by Greystar in recent months. In December, Greystar sold Elan Polo Gardens, a 284-unit community of eight three-story buildings in unincorporated Palm Beach County, for $102.4 million. Property Reserve, the real estate arm of The Church of Jesus Christ of Latter-Day Saints, was the buyer.