Two months after obtaining permits to rededicate a 250-unit apartment complex, Trammell Crow Residential completed the purchase of the Miramar development site for nearly $ 10 million.
A subsidiary of the Dallas-based commercial real estate development firm reportedly paid $ 9.8 million for a 9-acre vacant lot on the northwest corner of Southwest 145th Avenue and Miramar Parkway, east of I-95. The location is adjacent to a four story office building at 3100 Southwest 145th Avenue.
The seller is a subsidiary of Horsham, Pennsylvania-based Workspace Property Trust, which records acquired the property last year. The amount paid by the Workspace Property Trust affiliate at that time was not included in the ownership records.
Keith O’Donnell with Avision Young and Mark Rubin with Colliers coordinated the off-market deal, according to a press release.
Rubin said the Workspace Property Trust attempted to measure interest from institutional investor-developers and achieved a sale price that was $ 2 million above its estimated value.
In September, Trammell Crow Residential, under the direction of CEO Kenneth Vallach, received several reallocation permits from the city of Miramar for the project. The company plans to build Alexan Miramar, a 250-unit apartment complex that will be part of the Monarch Lakes residential complex, the press release said. Divided into two buildings with 125 units each, the project will also have a clubhouse and a swimming pool.
The Miramar City Commission has unanimously voted to reallocate 17 hectares, including the 9 hectare site for Alexan Miramar, from “joint business” to “mixed use low”. City commissioners also signed Trammell Crow’s proposed site plan and five design variances.
The previous owner had planned to build offices.
Trammell Crow agreed to contribute $ 1 million to Miramar’s affordable housing trust fund before building permits were obtained for the project, as well as upgrading a section of Southwest 148th Avenue for fire department access before receiving his occupancy certificate.
Trammell Crow is one of the Tri-County’s most active multi-family businesses at a time when the South Florida rental market is scorching hot. Last December, the company and The Carlyle Group teamed up to purchase a former Costco property in Doral for $ 19.2 million. The partnership is developing Alexan Fontainebleau Lakes, an apartment complex with seven buildings and 356 units on the site.
Crow Holdings, another branch of Trammell Crow, recently acquired the Alta Congress apartment complex in Delray Beach with 369 units for $ 111.8 million, making it one of the most expensive multi-family acquisitions in South Florida that year.