Atlanta firm pays $120M for Miramar apartment community

Seller sold the project at a slight loss — about $8,770 less per unit than previous 2007 sale

Sep.September 01, 2017 01:00 PM

Atlanta-based Pollack Shores Real Estate Group just paid $119.75 million for an apartment community in Miramar, property records show. 

The 512-unit apartment community, Solano At Miramar, is at 11700 Southwest 26 Street. Records show an entity of the Swiss lender UBS AG sold the project for about $234,000 per unit. The UBS AG subsidiary, UBS Realty Investors LLC, bought the property in 2007 for $124.3 million meaning it sold at a slight loss.

Greystar manages the project, according to its website. Solano At Miramar features one-, two- and three-bedroom apartments and townhomes that span 823 square feet to 1,677 square feet. Rents range from $1,961 to $3,185 a month, according to its website.

The Mediterranean-style project, built in 2008, sits on a nearly 30-acre lot, which includes an adjacent 7.35-acre vacant lot. It’s split between a 364-unit apartment community and a 148-townhome community, which offers three-story units with two-car garages, according to its website.

Solano At Miramar’s amenities include a fitness center, an indoor basketball court, a coffee bar, pool, and a lakeside jogging trail.

Big-ticket sales of apartment properties have increased this quarter, thanks to South Florida’s job growth. So far this year, the priciest deal for South Florida rental apartments has been Harbor Group International’s $159 million acquisition of the Montage at City Center in Pembroke Pines.

Just this week, The Related Group, Shoma Group and PGIM Real Estate Investors sold a piece of CityPlace Doral for $135 million. The 394-unit deal breaks down to nearly $343,000 per apartment.

Correction: An earlier version of this story incorrectly identified the buyer of Solano at Miramar. Pollack Shores Real Estate Group purchased the complex, not JMG Realty. 

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