The Real Deal Miami

LA County retirement fund sells apartments near Sawgrass Mills for $87M

400-unit complex sold for $217K per apartment
By Katherine Kallergis | January 28, 2019 05:00PM

Arium Sunrise

The Los Angeles County Employees Retirement Association just sold an apartment complex near the popular Sawgrass Mills outlet mall in Sunrise for nearly $87 million.

Property records show LACERA affiliate Flamingo Palms Limited Partnership sold Arium Sunrise, formerly Palms at Sawgrass Mills, to Sawgrass Mills Owner LLC, a Delaware company tied to Pacific Coast Capital Partners (PCCP), an investment manager with $8.6 billion under management, and Carroll Organization, an Atlanta multifamily investment and management firm with $5.2 billion of assets under management.

The deed states the buyer is in the care of PCCP, however Josh Champion, president and chief investment officer of Carroll Organization, signed two mortgages totaling $47.7 million for the deal. JLL is the lender.

PCCP and the Carroll Organization are also joint venture partners on an apartment community in Jensen Beach, Florida.

The L.A. County pension fund sold the 22-acre, 400-unit complex at 1501 Northwest 124th Terrace for about $217,000 per unit.

The property features a movie theater, fitness center, pool, tennis courts, outdoor grills, a community lake, business center, club house and dog park. It last sold for $4.7 million in 1996.

LACERA has more than 165,000 members, including nearly 62,000 benefit recipients, according to its website.

The Carroll Organization could not immediately be reached for comment.

Sawgrass Mills, owned by Simon Property Group, is one of the most valuable malls owned by real estate investment trusts in the country. According to a report last year, the mall brings in $1,149 per square foot and is worth a total of $4.1 billion.

The complex is also near Metropica, a $1.5 billion mixed-use project being developed by Joseph Kavana’s Metropica Development LLC.