Magellan sells Midtown Miami apartments for $154M
Magellan bought the land in 2014 for $14M, completed the tower in 2017
Magellan Development Group sold its 400-unit Midtown Miami apartment tower for $154.35 million.
The Chicago-based developer sold the 26-story tower, called Midtown Five, near the intersection of First Avenue and 32nd Street, according to records.
The buyer is an affiliate of Sterling Equities. The Great Neck, New York-based development firm is run by the Wilpon and Katz families. Last year, the Wilpons sold a stake in the New York Mets MLB team, giving hedge fund manager Steve Cohen majority ownership.
Magellan, which is led by David Carlins, broke ground on Midtown Five, its first project in South Florida, in 2015. It delivered the tower in January 2017. Magellan paid $14 million for the land in 2014.
An online listing for apartments at Midtown 5 shows available units range from $1,953 a month for a studio to $3,698 for a two-bedroom unit.
Magellan had a busy 2020. Along with launching preleasing for Gio Midtown, previously known as Midtown 6, at 3101 Northeast First Avenue in Miami, the company paid $270 million to buy out a co-owner of Vista Tower, the roughly $1 billion supertall hotel-and-condo development rising on East Wacker Drive in Chicago.
In December, Sterling paid $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway.