The five-year-old, 272-unit, 400,000-sf Property on Miami's chic Brickell Key sold for $226,471 per unit or about $154 per sf. The acquisition was M/P/A's fourth purchase of a luxury residential community since June 2001.

"I am confident the (Miami) property will perform well for our partners while continuing to provide Miami residents with the ultimate in luxury living," M/P/A CEO Jeffrey J. Cohen says in a prepared statement.

Courvoisier Courts "fits perfectly with our disciplined investment strategy," Cohen says. The privately held MPA buys multifamily properties across geographically diverse regions. "M/P/A adheres to a value-added investment strategy in order to deliver higher-than-average returns for its institutional partners."