Stockbridge buys apartment complex in Fontainebleau for $156M

Stockbridge bought a 368-unit multifamily complex in Miami-Dade County’s Fontainebleau neighborhood for $156 million. 

The San Francisco-based firm scooped up the Park 82nd Apartments at 8255 Park Boulevard in unincorporated Miami-Dade, paying $424,000 per unit, according to records and real estate database Vizzda. 

The sellers, Trammell Crow Residential and Washington, D.C.-based private equity firm Carlyle, completed the complex last year. Trammell Crow is the multifamily division of Dallas-based Crow Holdings, which recently made headlines over its former CEO Harlan Crow’s lavish gifts to Supreme Court Justice Clarence Thomas. 

Trammell Crow and Carlyle had paid $19.2 million in 2020 for the 11.3-acre apartment development site, which used to be a Costco. 

Park 82nd Apartments includes seven four-story apartment buildings and four garages, according to Vizzda. The complex has one- to three-bedroom units, ranging from 800 square feet to 1,364 square feet, according to Apartments.com.

Stockbridge, led by Terry Fancher and Sol Raso, has $33.7 billion of assets under management across 77.7 million square feet of real estate and 12,500 multifamily units, according to its website. 

In San Francisco, the firm has an equity stake in a long-stalled mixed-use project for 8,000 residences, 500 hotel keys, retail and offices on over 400 acres on Treasure Island and Yerba Buena Island. In April, Stockbridge and Wilson Meany filed suit to boot the third partner, Kenwood Investments, from the project.  

Stockbridge’s South Florida investments include its $20.1 million purchase of a John Deere dealership at 4343 Northwest 77th Avenue in unincorporated Miami-Dade County in December. In the sale-leaseback deal, the John Deere dealer continued leasing the property. 

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South Florida multifamily investment sales picked up this summer following a nosedive due to rising interest rates. 

The firms still able to purchase apartments despite expensive financing generally are using capital raised in closed discretionary funds and generally avoid bank financing, an analysis of records by The Real Deal showed. Records show Stockbridge didn’t take out a loan for the Fontainebleau deal. 

This month, Ashcroft Capital bought the Advenir at Cocoplum at 4142 Cocoplum Circle in Coconut Creek for $70.4 million. Harbor Group International scooped up the Locklyn West Palm complex at 3590 Village Boulevard in West Palm Beach for $105.5 million in June.