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Stockbridge spends $156 Million Apartment in Fontainebleau

Stockbridge, a San Francisco-based firm with a significant portfolio in real estate investments, has made a noteworthy acquisition in Miami-Dade County’s Fontainebleau neighborhood. They purchased the Park 82nd Apartments, a 368-unit multifamily complex, for a substantial $156 million, equating to approximately $424,000 per unit.

The sellers of this property were Trammell Crow Residential and Carlyle, a private equity firm based in Washington, D.C. The complex was completed just last year, and its development site was originally a Costco. It consists of seven four-story apartment buildings and four garages, offering one- to three-bedroom units ranging from 800 square feet to 1,364 square feet.

Stockbridge, under the leadership of Terry Fancher and Sol Raso, manages a vast real estate portfolio valued at $33.7 billion, encompassing 77.7 million square feet of real estate and 12,500 multifamily units. The firm is actively involved in various real estate projects, including the development of mixed-use properties in San Francisco.

In South Florida, Stockbridge has been making strategic investments, such as their recent purchase of a John Deere dealership property in unincorporated Miami-Dade County. Their investments in the South Florida multifamily market reflect the resurgence in this sector following a temporary slowdown due to rising interest rates.

One interesting aspect of Stockbridge’s approach is their reliance on capital raised through closed discretionary funds, allowing them to make substantial acquisitions without the need for traditional bank financing. In the case of the Fontainebleau deal, Stockbridge did not take out a loan.

This acquisition adds to the momentum of multifamily investment sales in South Florida, with other notable transactions in the region, including Ashcroft Capital’s purchase of Advenir at Cocoplum and Harbor Group International’s acquisition of the Locklyn West Palm complex. Stockbridge’s investment in the Park 82nd Apartments underscores the attractiveness of the Miami-Dade real estate market for major players in the industry.

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