Blackstone Buys Miami-Dade Rental Complex for $116M

Blackstone has expanded its South Florida portfolio with the acquisition of the Solea at Miami Lakes apartment complex for approximately $116 million. The 359-unit multifamily community, located at 17405 Northwest 94th Court in Miami Lakes, was developed in 2023 by Greystar and Carlyle Group. The purchase price equates to roughly $323,000 per unit.

The complex comprises 11 three-story buildings on a 20.2-acre site, offering one- to three-bedroom units ranging from 736 to 1,313 square feet. Monthly rents range between $2,320 and $3,410. Amenities include a pool, clubhouse, fitness center, wellness studio, and dog park.

This acquisition is part of Blackstone’s strategic investments in South Florida’s real estate market. In addition to this purchase, the firm recently sold a 116,000-square-foot office building in Hialeah for $20.5 million and divested three industrial properties in Miramar and Dania Beach for a combined $120.5 million.

The Solea at Miami Lakes acquisition underscores Blackstone’s continued confidence in the region’s multifamily housing sector, reflecting a broader trend of institutional investment in South Florida’s real estate market.