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

400-unit complex sold for $217K per apartment

Miami /
Jan.January 28, 2019 05:00 PM

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.


Related Articles

arrow_forward_ios
The Residences at Uptown Boca with Cortland CEO Steven DeFrancis and the sellers Alexander Rosemurgy and Rick Giles
Cortland pays $230M for Boca Raton apartments, marking priciest multifamily sale of year
Cortland pays $230M for Boca Raton apartments, marking priciest multifamily sale of year
Marela Apartments in Pembroke Pines (Marela)
RREEF buys Pembroke Pines apartments for $121M
RREEF buys Pembroke Pines apartments for $121M
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
(Facebook via Golfview Flats)
Snow Real Estate buys Sunrise apartments for $15M
Snow Real Estate buys Sunrise apartments for $15M
12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
Johnson & Wales sells more North Miami properties for $21M
Johnson & Wales sells more North Miami properties for $21M
The Buena Vista Gardens in Little Haiti (Apartments.com)
Bowery Properties buys Little Haiti apartment portfolio for $12M
Bowery Properties buys Little Haiti apartment portfolio for $12M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...