The Elan at Doral apartment complex in the Downtown Doral mixed-use district was sold for $149.83 and given a new name.
NM-GREP Doral Owner LLC, an affiliate of Charleston, South Carolina-based Greystar, sold the 385 apartments at 8425 N.W. 41st St. to Imp Centrico LLC, managed by executives at Boston-based commercial real estate firm GID. The buyer assumed the seller’s $71.82 million mortgage from Northwestern Mutual Life Insurance Co., which boosted the loan to $106.5 million.
The price equated to $389,169 a unit. That shows the strong demand from investors for apartment complexes in Miami-Dade County, home to the highest rates rent increases in the nation over the past year.
Totaling 666,015 square feet in eight stories, the Elan at Doral was built on the 4-acre site in 2020. According to Apartments.com, the complex was recently renamed Centrico by Windsor. Units range from 513 to 1,373 square feet. The least-expensive unit currently listed is a two-bedroom, 972-square-foot apartment going for $2,940 a month.
The building includes a pool, a fitness center, a yoga deck, and a club room.
Downtown Doral has a mix of homes, shops, restaurants, a charter school, office space and civic uses.
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