The Real Deal Miami

BlackRock nets $58.25M for 4 Forty Flagler Village

December 01, 2011 05:15PM

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4 Forty Flagler Village and AMLI CEO Gregory Mutz

BlackRock Realty Advisors sold the 4 Forty Flagler Village apartment complex in Fort Lauderdale for $58.25, the South Florida Business Journal reported. The buyer was an affiliate of Chicago-based AMLI Residential Partners.

The sales price more than makes up for the $26 million mortgage New York-based BlackRock took out on the 218-unit complex at 44 N.E. Fifth Street.

Blackrock acquired the property from Orlando-based developer Zom Flagler Village, which completed the project in early 2010 with a $72.5 million loan. BlackRock had acquired it for an undisclosed price.

The complex, which has been renamed AMLI Flagler Village according to the firm’s Website, has a two-story fitness center, yoga and spinning studios, a swimming pool and direct access parking. [SFBJ]