Related Companies Acquires Sorrento Affordable Housing Complex In Miramar For $48M

The Sorrento affordable housing complex in Miramar, Florida has been acquired by Related Companies for $48 million. The property, consisting of 320 units in 13 three-story buildings, was sold by Zom Living. The transaction marks Related Companies' continued expansion in South Florida.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $48,000,000
• Address: 8991 & 9577 Southwest 41st Street, Miramar
• Market: Miramar
• Buyer: Related Companies - Stephen Ross & Jorge Pérez
• Seller: Zom Living - Greg West
• Lender: Berkadia
• Units: 320
• Price per Unit (PPU): $150,000

Related Companies, led by Stephen Ross and Jorge Pérez, acquired the Sorrento affordable housing complex in Miramar, Florida. The purchase price for the property was $48 million. The complex consists of 320 units spread across 13 three-story buildings. The seller, Zom Living, completed the transaction with Related Companies securing a $25 million acquisition loan from Berkadia.