Federal Capital Partners (FCP) has acquired a Miramar, Florida apartment complex for $67.5 million, according to a report from The Real Deal.
The deal for the 250-unit property, called Alexan Miramar, comes at a cost of about $270,000 for each apartment and was recently developed by Trammell Crow Residential, which paid $9.8 million for the site in 2021. Part of the deal will include FCP taking on Trammell's $43.3 million loan.
The two six-story building property features 100 two-bedrooms, 102 one-bedrooms, 12 three-bedrooms, and 36 studios.
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Since its establishment in 1999, FCP has invested or financed more than $13.1 billion in properties. Also, this isn't Trammell's first time selling a complex in The Sunshine State after developing it. It sold Casero Apartments (368 units) for $156 million in Fontainebleau after completing the development in 2022. On FCP's end, this year it said goodbye to 352-unit Windward Vista for $44.1 million.
For many multifamily landlords, high supply has been difficult to navigate around. However, some markets are starting to hit their peaks for apartments, including Central Florida, according to RealPage in a recent analysis. The property management software firm also said that South Florida and the Carolinas will likely experience their supply peak in a few more quarters, while Jacksonville will be one market to watch with its aggressive development pipeline.
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