Trending
![KeyBank sued over derailed $122M deal for Skims-leased Hollywood offices](https://static.therealdeal.com/wp-content/uploads/2024/07/Kingsbarn-sues-over-derailed-122M-deal-for-Skims-leased-Hollywood-offices_Main-150x94.jpg)
![Fifth Avenue office tower owned by Mexican banking scion heads to special servicing](https://static.therealdeal.com/wp-content/uploads/2024/07/Fifth-Avenue-office-tower-owned-by-Mexican-banking-scion-heads-to-special-servicing-f-150x106.jpg)
![Tatiana Pino now owns Century Homebuilders after Sergio Pino’s death, her attorney says](https://static.therealdeal.com/wp-content/uploads/2024/07/ft_MIA_Tatiana-Pino-Century-Builders-Group-150x106.png)
![“Not even distressed” rent-stabilized property sells for peanuts](https://static.therealdeal.com/wp-content/uploads/2024/07/ft_NY_Inwood-Rent-Stabilized-Sale-1-150x106.png)
Blackstone REIT pays $139M for Codina’s West Kendall apartment complex
The trust paid about $254K per apartment
![Signature at Kendall and developers Armando Codina and Jim Carr (Credit: Apartments.com and CC Residential)](https://static.therealdeal.com/wp-content/uploads/2017/12/signature-at-kendall-apartments-miami-fl-building-photo600.jpg)
An entity of Blackstone Group’s real estate investment trust just scooped up an apartment complex in southwest Miami-Dade for about $139 million, property records show.
Signature at Kendall, developed by Armando Codina’s CC Residential firm, sold in two separate parcels. Records show Blackstone’s REIT paid $96.95 million for the first phase, which includes a 396-unit apartment complex at 8881 Southwest 172nd Avenue. The nearly 18-acre parcel last traded for about $13 million in 2014. The development was completed last year.
The second phase of the project, built this year, traded for about $42 million, records show. The parcel sits on a neighboring 8.2-acre lot and adds 150 apartments to the Signature at Kendall complex.
Overall, Blackstone’s REIT paid about $254,440 per apartment. The firm launched its first non-traded real estate investment trust last year, with the intention of raising $5 billion from investors.
CC Residential is led by developers Armando Codina, Jim Carr, K. Lawrence Gragg and Andy Burnham. The multifamily-focused company recently topped off its Coral Gables office and luxury rental tower, called 2020 Salzedo.