Wafra buys Milagro Coral Gables apartments for $78M

Deal breaks down to about $330k per apartment

TRD MIAMI /
Jun.June 13, 2017 12:00 PM

An affiliate of the New York-based Wafra Group just picked up a luxury apartment complex in Coral Gables for $78.15 million, property records show.

Delaware-based Rex Art Owner LLC, an entity managed by JP Morgan Investment Management Inc., sold the 238-unit building at 2263 Southwest 37th Avenue in Miami to Coral Gables GF Deal LP. The buying entity is managed by Wafra Senior Vice President and Director of Acquisitions Edward J. Ryan.

The deal breaks down to about $330,000 per apartment. The Wafra entity financed the sale with a $41 million mortgage from Prudential Insurance Company of America.

Milagro Coral Gables was completed in 2013 on a 1.6-acre lot on the corner of Douglas Road and Southwest 22nd Terrace. The six-story, 407,265-square-foot building with 6,700 square feet of ground floor retail space borders Coral Gables. The site last sold for $11 million in 2007.

According to Real Capital Analytics, Mill Creek Residential developed and sold the building, which features one-, two- and three-bedroom apartments, a media room, fitness center, swimming pool, billiards and poker. Mill Creek could not immediately be reached for comment.

Wafra Investment Advisory Group is owned by the Public Institution for Social Security of Kuwait, according to its website. The investment advisory firm has $17.8 billion under management.

Milagro is within walking distance of Miracle Mile and Giralda Avenue, where the city of Coral Gables is investing millions of dollars into improvements that will widen sidewalks, add trees and new streetlights, and convert angled parking to parallel parking.

Multifamily sales have been picking up during the second quarter of this year in South Florida. Recent deals include the $158.5 million sale of the Montage at City Center in Pembroke Pines in April and the $61 million sale of Soleste Club Prado in West Miami, which closed last week.

Harunobu Coryne contributed reporting.


Related Articles

arrow_forward_ios
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
Frank Del Rio and 272 Marinero Court (LPG Lifestyle Production Group)

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...