The 380-unit LUMA at Miramar, completed in 2019, sold to a REIT for $133 million
MIAMI (November 11, 2021) – Berkadia announces it has arranged the sale of LUMA at Miramar, a new 380-unit, garden-style multifamily community located in Miramar, Florida. Senior Managing Directors Roberto Pesant, Jaret Turkell and Charles Foschini, along with Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of ANSCA. Avalon Bay Communities acquired the property for $133 million.
LUMA at Miramar was built in 2019 and stabilized in Q1 2020, with occupancy remaining at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale.
“Luma at Miramar’s excellent location and design provides a significant source of appeal to the surging demand for housing in Broward County,” said Pesant. “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. 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 consists of three- and four-story elevatored buildings with a contemporary aesthetic. The property offers one-, two- and three-bedroom apartments ranging from 818 square feet to 1,355 square feet. Individual units feature insulated impact windows, sleek white shaker cabinets with granite countertops, modern stainless steel appliances, subway tile backsplash, large walk-in closets and private screened balcony or patios. Community amenities include a gated electric entrance, a resort-style swimming pool, a 24-hour fitness center, a yoga room, Zen garden, billiard room with fireplace, a café with complementary self-service Starbucks coffee, an outdoor grilling area, independent attached and detached garages and valet trash service.
LUMA at Miramar is located adjacent to Florida’s Turnpike, offering residents extraordinary access to all of South Florida’s employment nodes. The property is across the street from The Miramar Park of Commerce, which supports 10,000 full-time jobs, and within 15 minutes of four other major business parks. Other major employers within a 20-minute drive include 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. The property is less than 30 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport.