Lesley Neary Of Bowery Propco Acquires Stratford Apartments In Miami For $60.25M

The asset involved in this transaction is a multifamily property located at 9001 Southwest 122nd Avenue in Miami. The property, known as the Stratford apartments, consists of 248 units with a total square footage of 228,738. The sale price of the property was set at $60,250,000, resulting in a price per unit of $242,944 and a price per square foot of $263.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $60,250,000
• Buyer: Lesley Neary - Bowery Propco
• Seller: Cathy Marcus - PGIM Real Estate
• Lender: Berkeley Point Capital
• Units: 248
• Square Footage: 228,738
• Price per Unit: $242,944
• Price per Square Foot: $263

The deal saw Lesley Neary representing Bowery Propco as the buyer, while Cathy Marcus represented PGIM Real Estate as the seller. The transaction facilitated a significant financial arrangement, with Bowery Propco obtaining a loan amounting to $49,640,000 from Berkeley Point Capital to complete the acquisition. This sale reflects a considerable appreciation from the property's previous sale, which occurred in 1993 for $14,450,000.