Seminole Tribe Buys Miracle Mile Apartments For $68.4M
An investment firm connected to the Seminole Tribe of Florida has purchased a 144-unit apartment property at 950 S. Fairfax Ave. for $68.4M.
The transaction, which was first reported by The Real Deal, works out to $475K per unit.
The seller, Alliance Residential, completed construction in 2018 and spent $68.8M on improvements since, according to TRD.
Seminole Real Estate Fund financed the purchase with the help of a $36.5M mortgage from Northwestern Mutual Life Insurance Co. The deal closed last month.
The property's listed rents on Apartments.com for studio, one- and two-bedrooms units run from $2,855 to $5,117, according to TRD.
Greater Los Angeles saw apartment transaction volume hit $4.7B at the end of 2024, according to a fourth-quarter report from Colliers. The average price per unit was at $357K, a 1% decline from the same period last year.
Seminole Real Estate Fund, the Fort Lauderdale, Florida-based entity that officially acquired the property, was established in 2020 and owns more than 2,000 units in 10 major metros across the country. This is the fund's first property in California, according to its website.
