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AMLI sells luxury apartments in Miramar to Boston investment manager for $82M

Rents started at just under $2,000 a month for a one-bedroom unit
By Katherine Kallergis | July 18, 2017 11:15AM

Miramar Park

Chicago-based AMLI Residential just sold a luxury apartment community in Miramar for $82 million, or about $273,000 per unit.

Property records show PPF AMLI Miramar Boulevard LLC sold Miramar Park to Bel Miramar LLC, a company tied to Boston-based investment manager Eaton Vance Management.

AMLI completed the 300-unit rental development at 11000 Miramar Boulevard in 2015. Units range from 840 square feet to nearly 1,500 square feet, according to its website. Amenities include a pool with cabanas, house bar and outdoor grills, a fitness center, yoga studio, clubroom, bark park and pet spa, lily pond, sculpture garden and more.

Rents started at just under $2,000 a month as of July for a one-bedroom unit. Apartments feature granite countertops, designer tile or wood floors and attached garages in some units.

The multifamily developer paid $10.5 million for the 15-acre property in 2012, records show. The complex is LEED Gold certified.

AMLI could not immediately be reached for comment. A spokesperson for Eaton Vance declined to comment.

In South Florida, AMLI’s portfolio includes an AMLI community in Doral, AMLI Sawgrass Village in Sunrise, a Flagler Village complex in Fort Lauderdale, AMLI Toscana Place in Davie and AMLI Dadeland.

The multifamily market has seen a number of big ticket sales in recent months in the tri-county area. In June, Hines sold a recently completed apartment complex near Coral Gables for $100 million to the Berkshire Group.

Nearly 13,500 new apartments will be delivered this year in South Florida, marking the fifth most active city in the U.S. for multifamily construction. While demand remains robust for rental housing, some market watchers say South Florida’s extended, post-recession rise in monthly rents could slow or stop if overbuilding floods the market with units.