A Georgia real estate investment firm scooped up hundreds of Miramar apartments and townhouses in a nine-figure deal.
CH Realty VII-PSREG Fort Lauderdale Solano closed the $119.75 million transaction with seller 11700 Southwest 26th Street Apartments Investors, according to a deed recorded in Broward County. Its new acquisition is Solano at Miramar, a 22.7-acre development with 364 apartments and 148 townhouses built in 2008.
Solano’s one- to three-bedroom units rent for $1,961 to $3,185, according to information on its property manager’s website.
The buyer is linked to Atlanta-based Pollack Shores Real Estate Group, which controls a multifamily portfolio across the southeastern United States and more than $2.3 billion in assets.
Public records show Pollack Shores acquired the property at a discounted rate, paying about $4.5 million less than its predecessor. The latest sale works out to $216,309 per unit.
The trade is the latest in South Florida for Pollack Shores, which last month divested 228 Delray Beach apartments in a $54 million sale.