Blackstone REIT pays $139M for Codina’s West Kendall apartment complex

The trust paid about $254K per apartment

Dec.December 21, 2017 12:30 PM

Signature at Kendall and developers Armando Codina and Jim Carr (Credit: and CC Residential)

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.

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