Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site

Dallas-based commercial developer plans to build Alexan Miramar, a 250-unit apartment project

Miami /
Nov.November 17, 2021 10:30 AM
Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)

Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)

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.





    Related Articles

    arrow_forward_ios
    Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
    AMLI Residential bets $31M on another Midtown Miami development site
    AMLI Residential bets $31M on another Midtown Miami development site
    South Florida single-family home sales fall in October amid declining inventory
    South Florida single-family home sales fall in October amid declining inventory
    South Florida single-family home sales fall in October amid declining inventory
    Carroll Organization CEO Patrick Carroll and 5750 Lakeside Drive in Margate (Carroll Organization, Apartments)
    Lynd Living flips Margate apartment complex for $67M
    Lynd Living flips Margate apartment complex for $67M
    The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    IG Logistics' Daniel Glaser, Sam Schneider and 2407 Hammondville Road (Google Maps)
    New York investment firm snags Pompano Beach truck repair shop site for $9M
    New York investment firm snags Pompano Beach truck repair shop site for $9M
    arrow_forward_ios

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

    Loading...