Two months after securing rezoning approvals for a 250-unit apartment complex, Trammell Crow Residential closed on its nearly $10 million purchase of the development site in Miramar.
An affiliate of the Dallas-based commercial real estate development firm paid $9.8 million for a vacant 9-acre property on the northwest corner of Southwest 145th Avenue and Miramar Parkway, just east of I-95, according to records. The site is adjacent to a four-story office building at 3100 Southwest 145th Avenue.
The seller is an affiliate of Horsham, Pennsylvania-based Workspace Property Trust, which acquired the property last year, according to records. The amount the Workspace Property Trust affiliate paid at that time was not listed in property records.
Keith O’Donnell with Avision Young and Mark Rubin with Colliers coordinated the off-market deal, according to a press release.
Rubin said Workspace Property Trust sought to gauge interest from institutional investor-developers and secured a sale price that was $2 million higher than the appraised value.
In September, Trammell Crow Residential, headed by CEO Kenneth Vallach, obtained several rezoning approvals from the city of Miramar for the project. The company plans to build Alexan Miramar, a 250-unit apartment complex that will be part of the Monarch Lakes residential community, the press release states. Divided into two buildings with 125 units each, the project will also have a clubhouse and a swimming pool.
The Miramar City Commission unanimously voted to rezone 17 acres that includes the 9-acre site for Alexan Miramar from “community business” to “mixed-use low.” City commissioners also signed off on Trammell Crow’s proposed site plan and five design variances.
The previous owner had planned to build offices.
Trammell Crow agreed to kick in $1 million to Miramar’s affordable housing trust fund prior to obtaining a building permit for the project, as well as improving a section of Southwest 148th Avenue for fire-rescue access before it receives its certificate of occupancy.
Trammell Crow is one of the tri-county region’s most active multifamily firms at a time the rental market is red hot in South Florida. In December of last year, the company and The Carlyle Group teamed up to purchase a former Costco property in Doral for $19.2 million. The partnership is developing Alexan Fontainebleau Lakes, a seven-building, 356-unit apartment complex on the site.
Crow Holdings, another arm of Trammell Crow, recently acquired the 369-unit Alta Congress apartment complex in Delray Beach for $111.8 million, marking one of the priciest multifamily acquisitions in South Florida this year.