Blackstone Acquires Solea at Miami Lakes for $115 Million

Solea at Miami Lakes Apartment Complex

News Summary

Blackstone has recently acquired the Solea at Miami Lakes apartment complex for $115.96 million. The 20.2-acre property features 359 units and various modern amenities. This deal marks a significant move in the Miami real estate market as Blackstone continues its investment strategy despite high mortgage rates. Sold by Greystar and Carlyle Group, the acquisition is part of a broader trend of property investments in South Florida, reinforcing Blackstone’s presence in the thriving market.

Blackstone Makes Big Splash in Miami Lakes with Major Acquisition

Miami, a city known for its vibrant culture and sunny skies, is in the spotlight once again as real estate giant Blackstone has just struck a significant deal. This time, the firm has acquired the Solea at Miami Lakes apartment complex for a whopping $115.96 million! That’s a hefty price tag, but with its perks, it’s easy to see why.

What’s in a Complex?

Located at 17405 N.W. 94th Court, the Solea at Miami Lakes isn’t just any apartment complex. Spanning an impressive 20.2 acres and encompassing approximately 439,520 square feet, it’s comprised of 359 units nestled within 11 stylish three-story buildings. Each apartment ranges in size from 736 to 1,313 square feet, with monthly rents that vary between $2,320 and $3,410. For many Miamians looking for a place to call home, these options seem quite appealing!

All the Bells and Whistles

Built in 2023, the Solea at Miami Lakes boasts numerous amenities designed to enhance the living experience. Residents can indulge in sun-soaked afternoons at the pool, unwind at the clubhouse, or take their furry friends for a stroll in the dog park. Pet-friendly living spaces, combined with social hangouts, make this complex not just a place to live but a community to thrive in.

Behind the Deal

Now, you might be curious about who was behind the sale. The property was sold by GS Elan Miami Midway Owner LLC, a partnership involving Greystar and Carlyle Group. Greystar, based in Charleston, South Carolina, previously laid the groundwork for Solea at Miami Lakes, having acquired the land in 2021 for $21.4 million. Talk about a lucrative turnaround!

This sale shakes up the Miami real estate scene, especially considering the price translates to about $323,008 per unit. It seems Blackstone’s strategy of making cash purchases in a high mortgage rate environment is paying off. The company also recently sold an office building in Hialeah for $20.5 million just days prior, showcasing its continued commitment to smart investments in the region.

Blackstone’s Broader Strategy

Blackstone’s recent buying spree does not stop at just residential properties. An entity associated with the company also sold three industrial portfolios for a staggering $696.8 million. It’s clear that Blackstone is actively bolstering its presence in South Florida while raking in significant returns across various types of properties.

The Bigger Picture

Interestingly, this acquisition of Solea at Miami Lakes marks another chapter in Greystar’s journey in South Florida. The firm’s decision to sell two complexes built in 2023 indicates a strategy to focus on new developments while capitalizing on the booming real estate market in the area.

As Miami continues to thrive in the real estate sector, residents can expect thrilling developments like the Solea at Miami Lakes to pop up, offering modern living spaces equipped with all the latest amenities. Keep an eye on this bustling market, folks; after all, the gateway to the sunshine state just keeps getting brighter!