Blackstone Sells Palm Beach Apartments For $193M: The South Florida Deal Sheet
Blackstone sold a Palm Beach apartment complex for $90M more than it paid eight years ago.
The New York-based investment giant sold the 476-unit San Marano at Mirasol Apartments to TA Realty for $193M, according to property records provided by Vizzda.
This is the second time TA Realty has owned the multifamily community, after buying it in 2010 for $69M and then selling to Blackstone in 2017 for $103M, Commercial Observer reported.
TA Realty financed its purchase of the property, which was completed in 2003, with a $108M Freddie Mac loan originated by U.S. Bank.
The complex at 100 Portofino Drive spans 31 two-story buildings and a one-story clubhouse. The gated complex has a pool, gym, playground and conference center.
FINANCING
13th Floor Investments, Key International, Wexford Real Estate Investors and CDS International Holdings landed a $139M refinancing loan for a newly completed, 420-unit multifamily complex, according to a release.
CIBC USA provided the loan to refinance Savio, which delivered this year. Savio is the first phase of the Parks at Delray development. The second phase, Skye, is set to break ground in the next two months.
Units range between one-, two- and three-bedroom units and townhomes, with amenities including a pool, clubhouse lounge, two-story fitness center with yoga and spin studios, coworking spaces, children’s indoor and outdoor play areas, and a walking trail.
A Newmark team of Jordan Roeschlaub, Nick Scribani, Daniel Matz, Max Ralby, Ricky Braha and Sam Speciale arranged the loan.
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McDowell Housing Partners landed $44M for its Live Local Act project in Pembroke Park, the South Florida Business Journal reported.
The Housing Finance Authority of Broward County provided a $34M multifamily housing revenue bond and assigned it to Bank of New York Mellon Trust Co. Florida Housing Finance Corp. provided the remaining $10M through the State Apartment Incentive Loan program.
The Ekos Pembroke Park is set to rise 10 stories on a nearly 2-acre site at 5595 SW 41st St.
The 150-unit building is reserved for seniors earning up to 80% of the area median income, who will have access to a gym and social gathering spaces.
McDowell purchased the property in July for almost $4.9M and plans to provide an on-site office for the Area Agency on Aging of Broward County and partner with Miami Jewish Health.
CONSTRUCTION AND DEVELOPMENT
Belgium-based Versluys Group is entering the U.S. market for the first time through a joint venture to build a 60-story Brickell residential tower, according to a release.
Versluys is partnering with Miami-based Prosper Group to build a $650M project on three parcels — 99 SW Seventh St., 66 SW Sixth St. and 625 SW First Ave. — on the Miami River.
Prosper CEO Jay Roberts is under contract for the site, which is 1 acre of the 2.2-acre One Brickell Riverfront development site planned by Newgard Group and Two Roads Development Group, the SFBJ reported.
The 158-unit project is expected to start construction next year and deliver by 2028.
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Coral Gables-based MG Developer broke ground at The George Residences townhome project, according to a release.
The 13 residences, each spanning roughly 5K SF, are the final phase of the Biltmore Square residential project in Coral Gables.
The developer landed a $42M construction loan from Pine Bay Capital earlier this year. The groundbreaking is also concurrent with its sales launch, with units starting at $6M and expected to deliver in the second quarter of 2027.
Property Markets Group, Lion Development Group and Lndmrk Development broke ground on the One West Twelve Residences in Downtown Miami, the developers announced.
The 372-unit project at 1129 NW First Court was 97% sold at the time of groundbreaking. Residences range from studios to three bedrooms, and the building will feature a rooftop garden, pool, gym and quick-serve restaurant named VibeBBQ, led by celebrity chef Marcus Samuelsson.
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Rich Global and nonprofits Sun Foundation and the Palm Beach County Housing Authority broke ground on a $54M affordable housing project in Mangonia Park, the SFBJ reported.
The 140-unit apartment project for seniors earning up to 60% of the area median income is rising on a nearly 2-acre site at 4455 Tiffany Drive S. The general contractor is West Palm Beach-based Hedrick Brothers Construction.
LEASES
Fast-casual Mediterranean restaurant Cava opened in nearly 3K SF on the ground floor of 801 Brickell, according to a news release.
The restaurant joins Ludlow Coffee Supply, PopUp Bagels and Komodo Miami at the 28-story high-rise office tower.
A Colliers team of Stephen Rutchik and Tom Farmer represented the landlords, Monarch Alternative Capital and Tourmaline Capital Partners, which purchased the 695K SF building in 2023 for $250M.
MILESTONES
Witkoff Group and Ocean Terrace Holdings launched sales for the Ocean Terrace mixed-use development in North Beach, according to a release.
The project, to rise between 74th and 75th streets with 350 feet of shoreline, had already sold $200M in condos, which start at $6.3M, to “friends and family,” Bloomberg reported.
Witkoff Group, founded by President Donald Trump's Middle East envoy, Steve Witkoff, and now run by his son, Alex Witkoff, is partnering with Ocean Terrace Holdings, run by Alex Blavatnik and Sandor Scher, on the project.
Ocean Terrace, designed by Revuelta Architecture International, is planned to have a 20-story building with 52 condo units and a six-story condo-hotel with 24 units. The developers also plan to restore a 1940s-era 42-room hotel on the site. A 50K SF deck will connect the buildings.
The project is expected to be completed in 2029.
CORRECTION, OCT. 29, 10 A.M. ET: Sergio Pintos and Raquel Kaufman no longer work for ISG World, as a previous version of this story indicated. They now work for PMG Residential. The story has been updated.
