Related, partners sell CityPlace Doral apartments for $135M

TA Realty paid nearly $343k per unit

TRD MIAMI /
Aug.August 31, 2017 10:30 AM

Manor at CityPlace Doral, Jorge Perez and Masoud Shojaee

The Related Group, Shoma Group and PGIM Real Estate Investors just sold a piece of CityPlace Doral.

Property records show the developers sold the Manor at CityPlace, at 3450 Northwest 85th Court, to TA Realty affiliate FHF I Manor Doral for $135 million. The deal breaks down to nearly $343,000 per apartment.

Related and its partners completed the 394-unit luxury apartment complex in 2014 and secured $74 million of long-term debt for the property in May 2016. It was fully leased at the time. The six-story building sits on 5.8 acres just southwest of the shops at CityPlace.

Rents at the Manor range from just over $1,600 for a studio apartment to nearly $3,000 for a three-bedroom. The development was also offering two months of free rent, according to its website. Amenities include a pool with cabanas and day beds, putting greens, a 24-hour gym, sports lounge, dog park and waterfalls.

The buyer, TA Realty, has typically owned office and industrial properties in South Florida. Earlier this year, the Boston-based asset manager sold a Waterford at Blue Lagoon office building for $11 million and an $855 million national portfolio of office and industrial real estate.

Related has been busy on the multifamily side. The company recently secured three construction loans for rental projects in Tampa, Royal Palm Beach and Orlando.

The Miami-based developer and its partners held a grand opening for CityPlace earlier this year. Overall, the $800 million mixed-use project spans 55 acres and includes 40 retail, restaurant and entertainment tenants anchored by the 550-seat CinéBistro, more than 1,000 residential units, including 150 single-family homes developed by Shoma, 700 rental apartments and 320 condos. PGIM is an equity partner on portions of the development.

It was designed by Arquitectonica’s Bernardo Fort-Brescia.

CityPlace joins Codina Partners’ Downtown Doral and other mixed-use, large-scale communities new to the suburban, sprawling city.

Related declined to comment.


Related Articles

arrow_forward_ios
From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

arrow_forward_ios