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

The site was the former home of the Southern Bell Exchange building
By Keith Larsen | July 19, 2019 11:30AM

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.