Trion Properties Acquires Art 88 Apartments in Miami for $87.3M

MIAMI — Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294 one- and two-bedroom apartments averaging 787 square feet. The community is configured in eight two- to five-story elevator buildings and features two pools, a fitness center, laundry facilities and a dog park. Maurice Habif, Simon Banke and Ted Turner of JLL brokered the transaction, and Jesse Wright with JLL arranged acquisition financing. Art 88 was 97 percent occupied at the time of sale, and the new ownership plans to make capital improvements to the property in the near future.