Brookfield Properties bought the Solano at Miramar for $187.7 million, adding to unceasing investor appetite for apartment complexes in light of a robust market.
The New York-based real estate behemoth bought the garden-style community at 11700 Southwest 26th Street from an affiliate of Atlanta-based RangeWater Real Estate, according to property records.
Brookfield’s affiliate took over RangeWater’s $76.6 million outstanding principal from the original mortgage taken out in 2017 from Prudential Insurance Company of America. The seller bought the complex that year for $119.8 million.
The 22.7-acre Solano at Miramar development was built in 2008 and totals 685,369 square feet.
It has a total of 512 units, which break down to 364 apartments and 148 townhouses, according to a news release announcing the 2017 deal. The complex had been purchased at the time by Pollack Shores Real Estate Group, which two years later and along with Matrix Residential rebranded as RangeWater. The company now is led by Steven Shores.
The recent deal breaks down to nearly $367,000 per unit.
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Solano, which allows tenants to have pets, has a pool, gym and grilling areas, according to its website. Some of the units have hardwood floors, stainless-steel appliances, kitchen islands, and washers and dryers.
Apartments range from one- to three-bedroom units, with rents from $1,923 to $3,320, the community’s website shows.
Brookfield Properties is the real estate development and management arm of Toronto-based Brookfield Asset Management, a publicly traded alternative investment manager with $650 billion of assets under management, according to its website.
Brookfield Properties has more than 50 million square feet of real estate under development and over 375 million square feet of properties under management globally, according to its website.
In August, an affiliate of Brookfield Asset Management sold a Doral rental community to RREEF for $146.4 million.
The purchase comes at the tail end of a year that saw an unprecedented turnaround for the South Florida multifamily market from 2020 when rents either remained flat or dropped in some areas.
Demand from locals and regional newcomers pushed up rents, with Miami posting the highest increase in 2021 nationwide of 38 percent, according to a Zumper report.
Investors took note, scooping up apartment complexes. Motivational speaker and social media star Grant Cardone paid $744 million for four Broward County communities in the biggest deal of the year.