Nuveen Acquires LaVida Lakefront Class-A Multifamily In Miami's Blue Lagoon For $98 Million

The Chicago-based global real estate investment management company Nuveen Real Estate has acquired LaVida for $98 million. LaVida is the first Class-A lakefront multifamily apartments within the prominent Blue Lagoon corporate park. The project was developed by Pinnacle and Ascend Properties, who were also the sellers. The sale of the 272-unit apartment breaks down to $360,294 per unit.

The Cushman & Wakefield team of Robert Given, Troy Ballard, Zachary Sackley, and Mike Mulkern led the marketing efforts and brokered the transaction.

Designed by Behar Font & Partners, LaVida, which opened in 2019, consists of two eight story residential buildings containing 272 units of one, two and three-bedroom homes ranging from 728 to 1,295 SF, each with an outdoor terrace, with top floors offering magnificent south-facing views of Downtown Coral Gables. The elegant apartment residences boast a warm, natural palette with custom details including porcelain flooring throughout, dramatic designer-inspired kitchens and bathrooms, quartz counter tops, energy star-rated appliances, and full-size stackable washer and dryer. Floor-to ceiling exterior doors provide incomparable sunrise, lake and downtown city views with balcony apartments overlooking the lake.

“With the increasing demand for luxury rentals in South Florida and many returning to work in the nearby Blue Lagoon offices, we determined this was the right time to sell,” said Richard Finkelstein and Michael Wohl, partners, Ascend Properties. “LaVida’s central location caters to working professionals and business travelers as well as those looking to live the luxurious Miami lifestyle without having to sacrifice easy access to everything Miami has to offer.”

Located at 6600 NW 7th Street, adjacent to the intersection of the Dolphin and Palmetto Expressways, LaVida offers a live/work option for the 12,000+ working professionals and corporate executives in Blue Lagoon and convenient access to Downtown Miami, Miami International Airport and Doral’s growing business center. LaVida features expansive city and lake views, luxurious design curated by Venus Williams’s V Starr Interiors and a two-story resort-style clubhouse and pool.

“With first-class units, high-quality amenities and a central Miami lakefront location, LaVida continues to transform the way professionals view the Blue Lagoon community,” said David O. Deutch, co-founder, Pinnacle. “The success of LaVida represents the strength of this unique luxury lakefront product in a corporate center in the growing South Florida market.”

Unparalleled community amenities include two covered garages; dog park; two-story lakefront clubhouse with grilling stations; oversized hourglass-shaped pool and jacuzzi with a resort-style sun deck and southern exposure making it the ideal pool experience with poolside cabanas and day beds; state-of-the-art fitness facility with yoga studio and group class space; gourmet coffee bar; media room; Wi-Fi in all common areas, and more.

“LaVida is a Class-A apartment deal, fully occupied, in a high barrier to entry market with access to major employment centers such as Waterford Business District, West Doral and Miami International Airport,” said Carlos Burneo, Senior Director and Florida Housing Sector Lead at Nuveen Real Estate. “South Florida’s continuous employment and population growth is a clear match to Nuveen Real Estate’s investment strategy. We are excited to continue expanding our investments in the Waterford – Blue Lagoon market.”

“The outstanding execution quality and strong operating performance of LaVida led to significant investor demand,” noted Robert Given. “We continue to see robust activity in the market throughout South Florida.”

Victory Investments Group Acquires Hotel Astor In Miami Beach For $12.75 Million

Victory Investments Group has acquired the art deco Hotel Astor on Miami Beach for $12.75 million, $304,000 per key, in an off market deal. The Susan Gale Group with ONE Sotheby’s International Realty, which specializes in hospitality transactions, represented both sides of the transaction. Hotel Astor is located at 956 Washington Avenue in the heart of South Beach and was not in operation at the time of sale. The property features a swimming pool and 4,000+ square-foot restaurant space. Victory Investment Group plans to breathe new life into the shuttered 42-room, three story hotel which was built in 1936 and designed by T. Hunter Henderson. According to Gale, the property will undergo extensive renovation, bringing the price per key to $500,000. Over the years Hotel Astor has been at the center of an alleged EB-5 fraud and two bankruptcy filings.

Images via The Susan Gale Group, ONE Sotheby’s International Realty

Greenstone Property Group Acquires Miami Multifamily Portfolio From Ytech For $119 Million

The Miami-based Ytech has sold a multfamily portfolio in Miami totaling 677 apartment units for $119 million to the New York-based Greenstone Property Group. The dual transaction included the $41 million sale of Ocean House NoBe, a 186-unit multifamily property in the North Beach area of Miami Beach that Ytech purchased for $27.1 million in 2015, and the $78 million sale of Lake House, a 491-unit multifamily property in Miami Gardens that Ytech bought for $14.3 million in 2012.

“Developments like Ocean House and Lake House are critical for unlocking the widespread social opportunities embedded in any emerging neighborhood enabled through smart municipal policies and urbanization, binding the need for economic prosperity, environmental stewardship, and social mobility,” said Yamal Yidios, CEO of Ytech. “This sale marks the start of a new phase of growth for Ytech as we evolve from over a decade of industry expertise in the multifamily space to being a well-capitalized developer of luxury condominiums in the Brickell neighborhood.”

Ytech carried out its vision for Ocean House in the form of public space improvements, better infrastructure, and the modern renovation of apartment units. It purchased properties on Tatum Waterway Drive, which included 1,000 linear feet of waterfront land, from both public and private companies, as well as multiple owners of co-owned condominiums. The series of 13 complex transactions involved additional complicating factors, such as termination of condominiums and swap agreements, among others.

Ytech redeveloped Ocean House NoBe over four years, assembling and renovating 23 contiguous low-rise apartment and condo properties along 7745-7790 Tatum Waterway in Miami Beach. The site is occupied by approximately 1,000 residents. Ytech’s efforts transformed the neighborhood while preserving original structures and maintaining the scale and character of the district. The property, which covers three city blocks, is within walking distance to the beach, famous Collins Avenue, and an array of fine retail and dining destinations.

Integra Investments Acquires Sea Isle Marina Home of Miami International Boat Show in Arts & Entertainment District

Miami-based real estate investment and development firm Integra Investments, under its “Integra Marinas” platform, announced the acquisition of one of the highest-profile marinas in Miami’s urban core, Sea Isle Marina. Sea Isle Marina is the new home to the world’s largest boat and yacht event, Miami International Boat Show. Integra Marinas acquired Sea Isle Marina from Florida East Coast Realty, LLC, the original developer of the property. Terms of the sale were not disclosed.

Located at 1635 N. Bayshore Drive, in Miami’s Arts & Entertainment District, Integra Marinas plans to invest significantly in converting the marina into a world-class boating destination. Repositioning the asset will elevate the mariner experience on property and establish the site as the ultimate home for the globally recognized boat show and its nearly 100,000 annual patrons.

As part of the asset upgrade, Integra Marinas will replace and renovate all portions of the marina. This includes reconfiguring wet slips to harbor vessels up to 110 feet and enhancing current on-site services with the addition of lift slips, state-of-the-art boating technology, a new fuel system and superior onsite service. Oasis Marinas will be managing the property for Integra Marinas.

“Sea Isle Marina’s unparalleled location and fundamentals offer tremendous opportunity to capitalize on Integra Marina’s unique formula to own, operate and turn around a marina property to reach peak performance,” said Integra Investments Principal Victor Ballestas. “As an avid boater and growing up on the water, I visited Sea Isle often and look forward to being a part of its transformation.”

By land, Sea Isle Marina’s prime address affords direct access to downtown Miami and major interstates, while by sea, boaters enjoy unrestricted access to the bay and ocean via the Intracoastal Waterway. The full-service marina currently includes 222 wet slips that can accommodate 40 to 100 feet vessels, long- and short-term docking, and includes a fueling station and supply store.

Integra Marinas possesses expertise in the marina sector as an owner/operator and upland developer, and is one of the only true, turn-key marina and real estate developers in the marketplace. Focused on value-add opportunities in key coastal markets in Florida and beyond, the firm has strategically deployed millions in capital investments to convert existing marinas into high-performing assets, successfully maximizing revenue and profitability. The company’s portfolio also includes Westshore Yacht Club Marina in Tampa and Stock Island Yacht Club and Marina in Key West.

“With ongoing demand for marina redevelopment amongst those investing in this space, the acquisition of this trophy marina asset marks our strategic growth trajectory in coastal markets and strengthens our competitive position in the sector,” said Integra Marinas Principal Matthew Juall.

The Fasano Coming To South Beach After JHSF Acquires The Art Deco COMO Metropolitan Miami Beach Hotel

The Brazil-based real estate development firm JHSF, led by Fábio Auriemo, has acquired the COMO Metropolitan Miami Beach hotel at 2445 Collins Ave. for $70 million, roughly $946,000 per key. The off-market transaction was overseen by Susan Gale of ONE Sotheby’s International Realty, who represented both the buyer and seller. The acquisition is JHSF’s first in South Florida and they plan to renovate the property and rebrand it into a Fasano.

The property features 74-keys and was first developed in 1939. It was previously known as the Traymore Hotel. It features a beach club, a ground-floor swimming pool with pool garden, a rooftop swimming pool, gym and a restaurant which is currently Traymore by Michael Schwartz.

Imagery via Susan Gale, ONE Sotheby’s International Realty

Related Group Sells New River Yacht Club Multifamily Complex In Fort Lauderdale For $85 Million

The Miami-based Related Group has sold the New River Yacht Club multifamily apartment complex in Fort Lauderdale for $85 million, roughly $341,000 per unit. The buyer is the Harbor City, California-based BJ Verde Properties. The property was developed in 2014 by Related Group and spans 435,442 SF. Located at 400 SW 1st Ave., New River Yacht Club offers 249 apartment units which feature in-unit washer/dryer and balconies. Residences range from studio to three-bedroom floor plans. Amenities include a pool deck with summer kitchen, a communal dining area with a fireplace, 24-hour state-of-the-art fitness center, spa treatment room and sauna, business center and game room with billiards.

Related Group is currently developing New River Yacht Club III which will offer 230-units and is also planning to develop New River Yacht Club II which will offer 349-units. Related Group also developed the 272-unit luxury apartment tower Icon Las Olas in Fort Lauderdale.

Miami-Based Private Equity Group Galium Capital Continues To Expand Houston Portfolio with Acquisition of Millennium High Street

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Millennium High Street in Houston, TX. Millennium High Street is a LEED Gold-certified, 340-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on August 20, 2021.

Galium Capital had been one of the most active buyers in the Houston market. In the past 12 months Galium Capital has acquired over 1,100 units and 65K of retail square footage in prime locations throughout the Galleria submarket.

“Millennium High Street is a trophy asset located in one of the best entertainment districts of Houston, we are excited to expand our presence in the Houston market with a truly irreplaceable asset,” said Jacques Bessoudo, Managing Partner of Galium Capital.

Millennium High Street is a luxury apartment community which was developed in 2014 and is located at 4410 Westheimer Rd., Houston, TX 77027. The property features 340 apartment units as well as 26,000 square feet of prime retail and features state-of-the-art amenities on 6.25 acres of land. The building is LEED Gold-certified as an energy efficient building. Residences feature gas ranges and chef’s kitchens, 12’ to 14’ high ceilings, and superior finishes. Residents will have access to amenities such as a resort style pool, fitness center, a modern clubhouse and a rooftop lounge with panoramic city views.

Galium Capital plans to add value by renovating the common areas and residences as well as by improving the operation and management of the property. Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

“We have had our eyes on the Houston multifamily markets for some time and are proud to be acquiring yet another top-quality property within the city core. Millennium High Street allows us the opportunity to expand our presence in the market and continue our strategy of wealth-preservation & value creation with one of kind real estate assets” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

JLL represented seller and also secured debt from PCCP. The seller was Dinerstein Companies who developed the building in 2014. Adam Weiss from Solomon Cooperman and Recondo LLP was buyers counsel.

Galium Capital, owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. Millennium High Street is Galium Capital’s third acquisition in the Galleria-district of Houston, TX after the group closed on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.

Galium Capital is a Miami-based private equity group that invests in and manages over $600 million of commercial property in major markets across the United States. Galium Capital’s portfolio comprises of multifamily, office, and retail assets across various major national markets. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

This article was produced in partnership with Galium Capital

The Brooklyn-Based LivWrk Acquires Wynwood Assemblage For $38.86 Million

The Brooklyn-based developer LivWrk has made a splash in Wynwood with the acquisition of a 2.45 acre assemblage for $38.86 million. The acquisition was financed with a $28.44 million mortgage provided by the Los Angeles-based Thorofare Asset Based Lending REIT Fund V. LivWrk is led by Asher Abehsera who founded the firm in 2013.

LivWrk acquired a 1.16 acre site from East End Capital where they had planned to develop the Foyer, a mixed us project with residential, office and retail components. LivWrk acquired the site at 2400-2418 N Miami Ave. and 29 NW 24th St. from East End Capital for $18.51 million and in a separate deal East End Capital also sold LivWrk 2500 N Miami Ave. and 33 NW 25th St. for $6.5 million. To complete the assemblage LivWrk also acquired 48 NW 25th St. from 3 CI Holdings for $13.85 million.

East End Capital had acquired the 2400-2418 N Miami Ave. site for $6.25 million in 2015 and the 2500 N Miami Ave. site in 2014 for $4 million. 3 CI Holdings had paid $17 million for the 48 NW 25th St. property.

Miami’s Wynwood Arts District neighborhood has been one of South Florida’s hottest real estate markets. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund; additionally, new zoning has attracted many multifamily developers. AMLI Residential recently broke ground on AMLI Wynwood, one of the largest mixed-use multifamily developments to ever break ground in Wynwood. A development partnership led by David Edelstein’s TriStar Capital and RAL Development just closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. A development partnership between L&L Holding Company, CARPE Real Estate Partners, and Fortis Design + Build also recently revealed 29N, a mixed-use project which feature rental apartments, office space, ground floor retail and micro retail. Earlier this summer the Los Angeles-based Black Lion Investment Group acquired the class A retail property Wynwood Arcade from East End Capital for $13.25 million. The Kobi Karp-designed The Gateway at Wynwood class A office building is also nearing delivery and has begun signing leases.

The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

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TriStar Capital and RAL Development Acquire Final Piece Of Wynwood Assemblage For $13 Million

David Edelstein’s TriStar Capital and RAL Development, led by Robert Levine, have closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. The development partnership paid $13 million for a 31,250 SF site at 2701 NW 5th Ave., financed by a $12.1 million mortgage provided by Comerica Bank. The property currently has a 20,239 SF building that will be demolished to make way for an office campus that includes the adjacent 39,732 SF lot at 2661 NW 5th Ave. which TriStar Capital acquired in 2018 for $18 million. Combined the assemblage totals 70,932 SF and cost $31 million.

The developers are planning to build a modern, technologically advanced office campus targeted at Miami’s fast growing tech sector. The campus will feature two Arquitectonica-designed mixed-use 8-story office towers with roughly 300,000 SF of Class A office space.

Images via TriStar Capital