Blackstone sells the Exchange Lofts in downtown Fort Lauderdale for $23M

The site was the former home of the Southern Bell Exchange building

Miami /
Jul.July 19, 2019 11:30 AM
Blackstone CEO Stephen A. Schwarzman, the Exchange Lofts apartments at 115 Northeast Third Avenue in Fort Lauderdale

Blackstone CEO Stephen A. Schwarzman, the Exchange Lofts apartments at 115 Northeast Third Avenue in Fort Lauderdale

An affiliate of Blackstone sold the Exchange Lofts apartment complex in downtown Fort Lauderdale for $23.2 million.

Blackstone sold the 87-unit project at 115 Northeast 3 Avenue for $266,666 per unit to Mexico City-based Hasta Capital, records show. The property totals 127,604 square feet.

Walker & Dunlop provided a $15.5 million loan to Hasta Capital to acquire the property, according to records.

In 2015, Blackstone bought the property from Greystar Real Estate Partners for $22.6 million. The original building was built in 1962 and housed the historic Southern Bell Exchange building.

Monthly rents at the complex range from $1,759 to $2,895, according to apartmentfinder.com.

Hasta Capital, led by Mark Hafner, focuses on residential and multifamily assets in Latin America and the U.S. It’s U.S. headquarters is in Lakewood Ranch, Florida, and it has acquired apartments in the Washington, D.C. metro area, Seattle, and Houston, according to its website.

Blackstone is an active buyer of South Florida real estate. A few weeks ago, the private equity firm scooped up three Broward County hotels for $43.2 million. In May, Blackstone paid $208.8 million for a pair of neighboring apartment complexes in Doral.


Related Articles

arrow_forward_ios
West Palm Beach workforce housing advances with $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
Downtown West Palm Beach workforce housing project scores $53M construction loan
The assemblage in Flagler Village 
Flagler Village Opportunity Zone dev site hits market for $31M
Flagler Village Opportunity Zone dev site hits market for $31M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
ARI Financial Group CEO buys Hialeah multifamily-retail portfolio for $42M
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Blackstone chair, CEO and co-founder Stephen Schwarzman and RangeWater Real Estate CEO Steven Shores with the complex (Getty, LinkedIn via Shores, One Boynton)
Blackstone buys Boynton Beach apartment complex for $171M
Blackstone buys Boynton Beach apartment complex for $171M
Castro Properties President Terri Keogh and one of the Wawa's (Castro, SRS Real Estate Partners)
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
The site of Alexan Miramar (Google Maps)
Trammell Crow Residential wins approval for 250-unit multifamily project in Miramar
Trammell Crow Residential wins approval for 250-unit multifamily project in Miramar
Lago Mar apartments in Hialeah
RAM buys Lago Mar apartments in Hialeah for $18M
RAM buys Lago Mar apartments in Hialeah for $18M
arrow_forward_ios

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

Loading...