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North Miami Apartment Fetches $117M

FORT LAUDERDALE, FL—New York-based financial giant, the Blackstone Group, adds a massive complex to its South Florida portfolio.

By Natalie Dolce | nataliedolce | | Updated on July 22, 2016
1820 NE 142nd St., North Miami 1820 NE 142nd St., North Miami
FORT LAUDERDALE, FL—The Blackstone Group just added a massive apartment complex to its South Florida portfolio for $117 million. The New York-based financial giant pocketed 871 apartments that make up North Miami’s Portofino at Biscayne, a sprawling 23-acre development built in 1974. According to an article written by GlobeSt.com sister publication, ALM’s Daily Business Review, the multifamily community offers studios, one- and two-bedroom units, a fitness center and two pools. Blackstone affiliate RE Portofino MF Property Owner LLC purchased the complex from Stellar Management, a real estate investment and management firm in New York. Located at 14000 Biscayne Blvd., the asset last traded in 2002 for $48 million, according to Miami-Dade County property records. The new purchase price breaks down to $134,328 per apartment unit, or roughly $5,100 per acre. It’s an optimal time to sell apartments in Miami, said a new study released by Ten-X, an online real estate marketplace based in Silicon Valley. “Unemployment declined 80 basis points in the last year, falling below 6 percent for the first time this cycle, and Miami jobs have risen to an all-time peak,” the report said. Despite the positive signs, the report warned investors of the region’s “cooling economy, including the fourth straight year of slowing population growth.” To read the full article, and more about apartment vacancies in the area, click here.

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