B
lackstone has sold a 349-unit apartment complex in Miramar to Bell Partners for $121.3 million, indicating a surge in multifamily deals. The Greensboro-based firm acquired the garden-style community, rebranded as Bell Miramar Place, at $347,564 per unit through its value-add fund VIII. The property features 15 three-story buildings and two garages on a 17.7-acre site, completed in 2012.

    Bell Partners borrowed $73.6 million from Fannie Mae to finance the purchase. Blackstone initially bought the complex for $77.7 million in 2017 through an affiliate. Bell Miramar Place offers one- to three-bedroom apartments with monthly rents starting at $2,058.

    This deal comes as South Florida's multifamily investment sales slow down after a two-year frenzy driven by high demand and rent hikes. Elevated interest rates and decreased rent growth have cooled the market. Many recent deals were made by buyers who had already secured funds and relied on favorable loan terms from Freddie Mac, Fannie Mae, or insurance companies.

    Bell Partners closed its value-add fund VIII last year with $1.3 billion in equity commitments from domestic and international investors. Other notable multifamily deals this year include Kushner Companies' purchase of the Hamilton at 555 Northeast 34th Street in Miami's Edgewater district for $190 million, and Cardone Capital's acquisition of a 382-unit complex in Fort Lauderdale's Flagler Village for over $200 million.