The site is expected to complete and obtain master permitting within four months.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
Pulso Capital purchased the property for $551,282 per unit.
“The Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
In addition, Berkadia lined up a $280.3 million loan for the acquisition.
The sale price equates to $221,250 per unit.
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.
The sale price breaks down to $166,000 per door.
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