Berkadia Arranges $133M Sale of LUMA Multifamily Community in Miramar, Florida
MIRAMAR, FLA. — Berkadia has arranged the sale of LUMA at Miramar, a 380-unit, garden-style multifamily community in Miramar, about 22 miles north of Miami. Roberto Pesant, Jaret Turkell, Charles Foschini, Omar Morales and Jose Mota of Berkadia Miami marketed the property on behalf of the seller, ANSCA. Avalon Bay Communities Inc. acquired the property for $133 million.
Built in 2019, LUMA at Miramar features three- and four-story buildings with one-, two- and three-bedroom floorplans ranging from 818 square feet to 1,355 square feet. Each building features an elevator, and the units include insulated impact windows, wood plank flooring, granite countertops, stainless steel appliances, subway tile backsplash, walk-in closets and private screened balconies or patios. Monthly rent ranges from $1,999 to $2,750, according to Apartments.com.
Community amenities include a gated electric entrance, swimming pool, fitness center, yoga room, Zen Garden, billiard room with fireplace, café with complementary self-service Starbucks coffee, outdoor grilling area, independent attached and detached garages and valet trash service.
The occupancy rate at LUMA at Miramar remained at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale. Robert Pesant, a senior managing director at Berkadia, says the property had a strong appeal due to the high apartment rental demand in Broward County and the state of Florida as a whole.
“A confluence of factors are driving this demand, including a 7,500-unit housing deficit, accelerated post-pandemic migration and relocations to South Florida, as well as a significant increase in single-family home values,” says Pesant. “In short, LUMA represented a rare opportunity to acquire both immediate-term durable returns and the long-term, compounding growth associated with essential housing in a growing market close to thousands of high-quality jobs.”
Located at 4300 SW 113th Terrace, LUMA at Miramar is situated adjacent to Florida’s Turnpike, a major highway in the area. The property is also about 20 miles from downtown Fort Lauderdale and 18 miles from the Fort Lauderdale-Hollywood International Airport. The apartment community has nearby retailers and restaurants including Kohl’s, Sprouts Farmers Market, Panda Express, Sam’s Club and CVS Pharmacy.
The property also is situated near many nearby employers such as Royal Caribbean Cruises, American Express, Telemundo, Microsoft, Memorial Hospital West/Memorial Hospital Miramar, Hard Rock Stadium, Seminole Hollywood Guitar Hotel and Broward College-South Campus.
ANSCA is a Delray Beach, Fla.-based development company that specializes in building services for all stages of construction, site selection and acquisition, as well as marketing, sales and leasing. The firm has many other residential developments in South Florida either completed or under construction including Alora of West Palm Beach in West Palm Beach, Luma at Delray in Delray Beach, Casa Brera in Lake Worth and Villa Portofino I in Deerfield Beach.
Avalon Bay Communities is an Arlington, Va.-based equity real estate investment trust (REIT) that develops, redevelops, acquires and manages apartment properties across the United States. Some of the markets the firm seeks properties in is the Northeast, Mid-Atlantic, California, Colorado and Southeast Florida.
— Julia Sanders