The Real Deal Miami

BlackRock bails on Seabreeze complex

October 12, 2009 10:38AM

Investment firm BlackRock sold the 520-unit Seabreeze Harbor Apartments in Riviera Beach for $11 million, taking a $22 million loss on its 2006 purchase. The BlackRock Strategic Apartment Fund originally paid $33 million for the complex, which highlights the weakened conditions of both the rental and credit markets, according to Michael Stein, principal of Pensam Capital in Miami. As losses go, it’s not BlackRock’s biggest real estate misstep. It was part of the group that paid $5.4 billion for the Stuyvesant Town-Peter Cooper Village apartment complex in New York in 2006, whose current value is estimated at $2.13 billion. [Palm Beach Post] and [GlobeSt]