AvalonBay pays $133M for Luma at Miramar apartments

Ansca sold the 380-unit development for $350K per door

Miami /
Nov.November 11, 2021 02:30 PM
Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)

Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)

AvalonBay Communities paid $133 million for a 380-unit apartment community in Miramar, marking continued multifamily interest from institutional investors.

Ansca, a Boynton Beach-based developer led by Charles Scardina, sold the Luma at Miramar community to AvalonBay, an Arlington, Virginia-based real estate investment trust, according to a release from the brokerage, Berkadia. A Berkadia team led by Roberto Pesant and Jaret Turkell listed the property at 4300 Southwest 113th Terrace.

Luma at Miramar

Luma at Miramar

Luma at Miramar sold for about $350,000 per unit.

The garden-style rental community was completed in 2019 and reached a 90 percent or above occupancy in the first quarter of 2020, which it maintained throughout the pandemic, according to the release. It was fully leased at the time of the sale.

The developer paid $12.7 million for the land in 2017 and financed the deal with a $16.8 million loan from Synovus Bank in 2020.

The development, with three- and four-story buildings, a swimming pool, fitness center, yoga room, billiard room, outdoor grilling area and more, is next to the Florida Turnpike and near the Miramar Park of Commerce.

Berkadia’s Pesant said in a statement that the sale allowed the buyer “to acquire both immediate-term durable returns” as well as the “long-term, compounding growth associated with essential housing in a growing market close to thousands of high-quality jobs.”

The huge demand for apartments has led to record rents and sales of multifamily properties in South Florida this year, on top of a pipeline of new developments in the works.

Recent deals include the nearly $83 million sale of an apartment complex in Delray Beach to TA Realty, as well as Cortland’s record $230 million purchase of a community in Boca Raton.





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