Electra America Hospitality Group Acquires The Conrad Miami Hotel In Brickell Arch Tower

Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired the Conrad Miami hotel in Brickell for $75.33 million. The seller was AG-M Miami Hotel Owner LLC, a JV partnership between the Miami-based Mast Capital and the New York-based Angelo Gordon. The transaction was funded with a $58 million loan from OWS BCA Funding LLC. Andrew Dickey, Gregory Rumpel and Maciej Polek of JLL represented the seller in the transaction.

The Conrad Miami hotel is located in the Brickell Arch Tower, an iconic, 36-story mixed-use tower on Brickell Avenue in the heart of Miami’s financial district. The hotel includes 201 guestrooms, an 11-story atrium, a sky lobby, a fitness and spa facility, a rooftop swimming pool, event venues including, ballroom, small meetings and pre-function spaces. The hotel will be converted to “Hotel AKA Brickell,” immediately following acquisition, offering a mix of short-term and extended-stay lodging options catering to the upscale leisure and corporate traveler.

This marks EAHG’s third hotel acquisition since the joint ventured launched in early 2021 with the intent to acquire and reposition underperforming hotels in gateway cities. EAHG also recently acquired a 194-room hotel in New York City and another 178-room hotel in Old Town Alexandria in the Washington, D.C. metro area. It also marks AKA’s entry into the robust Miami market. AKA, which specializes in accommodations designed for longer stays with exceptional business, wellness, and lifestyle amenities in well-known neighborhoods, operates 14 properties in New York City, Philadelphia, Washington D.C., Los Angeles and London.

“In our initial six months, EAHG has been extremely active and all right down the fairway of our business plan,” said Russ Urban, CEO of EAHG. “All are in extremely high growth gateway markets with a balance of transient and corporate business not reliant on the lagging group segment. In addition to the already recovered leisure market, the acquisition of the Brickell Miami property is particularly exciting because of the recent tsunami of corporate relocations to Miami. Dozens of high-profile technology firms and financial institutions from New York and internationally have announced plans to open offices in Miami’s downtown and Brickell neighborhoods. Now, more than ever, we are confident that corporate and business-related travel will return strong and that high-end, multi-night stay properties in Miami’s urban core will be in high demand.”

“We’ve always envisioned AKA in Miami, a market that is globally appealing, vibrant and filled with opportunity,” said Larry Korman, President of AKA and co-CEO of Korman Communities. “Finding the perfect property is always a journey, and we knew we found a gem in this architecturally significant and well-located high-rise offering. The breadth of design, culture and energy adds great synergy with the DNA of AKA, and we are beyond thrilled to introduce the AKA brand to Brickell Miami.”

EAHG intends to invest roughly $11 million in additional renovations to the property. The joint venture plans to remain active in pursuing other hotel opportunities in Miami, New York and Washington D.C., as well as in cities including Los Angeles and London.

Located at 1395 Brickell Avenue, Hotel AKA Brickell Miami is located in Brickell submarket, the city’s leading office market anchored by primarily financial, marketing and technology and travel sectors throughout the US, Europe and Central and South America. Microsoft, Silicon Valley Bank and CI Financial are among the companies that recently announced new offices in Brickell.

Finvarb Group Acquires The Landon Bay Harbor Hotel For $10 Million

Finvarb Group, led by Ronny Finvarb, has acquired The Landon Bay Harbor Hotel for $10 million, roughly $219,000 per key. The seller was BHI Hotel who acquired the property in 2007 for $3.9 million. The property was listed with David Cohen and Arthur Porosoff with Compass as well as David Greenberg with Marcus & Millichap. The Landon was built in 1946, renovated in 2010, and is located at 9650 East Bay Harbor Drive. The boutique hotel features 46-keys and spans 22,729 SF. The Landon is also home to The Palm Miami.

The hotel market in Miami has been extremely hot over the past several months. Swire Properties recently sold the 352-key East Hotel in Brickell City Centre for $174 million; Victory Investments Group acquired the art deco Hotel Astor on Miami Beach for $12.75 million; the Brazil-based real estate development firm JHSF acquired the COMO Metropolitan Miami Beach hotel for $70 million; Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, acquired the Conrad Miami hotel for over $100 million; and AMS Hospitality, a joint venture between The Allen Morris Company and Black Salmon, acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million.

The Finvarb Group is a real estate development and investment company specializing in developing quality mixed-use hotels in premium urban locations and in emerging and underserved markets throughout the United States. The Finvarb Group owns, develops and invests in areas with strong demand growth and which appeal to both business and leisure travelers alike. The Finvarb Group's hotels are linked by a common thread of excellence, distinctiveness and a passionate commitment to deliver outstanding quality. Finvarb Group recently developed and owns The Kimpton Palomar South Beach and recently broke ground on The Thompson South Beach.

Morgan Properties Acquires 3 Multifamily Communities In West Palm Beach For $132.5 Million

The Pennsylvania-based Morgan Properties has acquired three apartment communities in West Palm Beach totaling 622 units. Berkadia International Solutions’ Senior Managing Director Jaret Turkell along with Senior Managing Director Roberto Pesant, Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami completed the $132.5 million sale on behalf of the seller, Massachusetts-based Northland Investment Corporation. The properties which traded include Windward at the Villages, The Royal St. George and Village Place. The deal was financed with a bridge loan secured by Director TJ Piper of Berkadia Philadelphia.

“An unprecedented wave of corporate relocations to West Palm Beach in the last year, combined with a shortage of rental housing in Palm Beach County, has produced a very tight apartment market with strong rent growth drivers,” said Turkell. “As a result, investor appetite for well-located multifamily assets has been extremely strong and is projected to remain that way for the foreseeable future.”

Windward at the Villages is located at 1441 Brandywine Road. The 196-unit property features one- and two-bedroom floor plans with air conditioning, a private balcony and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a tennis court and a playground.

The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a fitness center, a picnic area and a dog park.

Village Place is located at 2111 Brandywine Road. The 202-unit property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a hot tub, a fitness center and a picnic area.

The properties afford residents convenient access to Palm Beach International Airport, the Palm Beach Outlets, Interstate 95 and West Palm Beach.

Lerner Acquires Motion at Dadeland High-Rise Multifamily For $114 Million

The Maryland-based Lerner Enterprises has acquired Motion at Dadeland for $114 million from the development partnership of 13th Floor Investments, Adler Group and Barings. Lerner received a loan from capital managed by KKR to finance the acquisition. Newmark's South Florida office led by Avery Klann exclusively represented the seller, while JLL's Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark's Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.

Motion at Dadeland is a 25-story class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is located at 8400 S. Dixie Highway, adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.

"We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," said Melissa Balkin, Managing Director, Lerner Residential Florida.

Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DC region but also in other markets such as New York City and Florida. Lerner is also the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner's expertise in the Florida markets began with the Nationals' 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.

"We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender," reported Michael L. Cohen, Vice President of Investments at Lerner.

Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick's Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy's Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.

Image via 13th Floor Investments

Shoma Group Sells Sanctuary at Doral 226-Unit Multifamily For $102.5 Million

The Coral Gables-based Shoma Group, led by Masoud and Stephanie Shojaee, have sold their recently completed Sanctuary at Doral multifamily apartment building for $102.5 million to the Denver-based Avanti Group. The 226-unit multifamily property is located at 9400 NW 41st St. The sale price breaks down to roughly $453,539 per unit and the property was fully leased at the time of sale. The transaction was overseen by Still Hunter of Walker & Dunlop.

Shoma Group acquired the 7.2 acre site in 2014 for $8.5 million and completed Sanctuary at Doral in December 2020. The property was fully leased within 8 months of completion.

Sanctuary at Doral offers one, two, and three bedroom residences with floorplans which feature state-of-the-art finishes and cater to a variety of renters offering infinite indoor and outdoor resort-style amenities, along with a vibrant social scene and close proximity to trendy shops, diverse entertainment venues, and arts culture. Situated on 7.2 acres of land, Sanctuary at Doral boasts the largest outdoor space of any rental community in Doral and is primed for outdoor entertaining and relaxation offering lushly landscaped courtyards, and contemporary art and sculptures throughout the property. Amenities include a resort style pool, mini soccer field, bike path, yoga lawn, state-of-the-art fitness facility, pet spa and residents clubhouse.

Images via Shoma Group

Starwood Acquires The 844-Unit Palmer Dadeland From Mill Creek Residential For $387 Million

Barry Sternlicht’s Starwood Real Estate Income Trust has acquired the 844-unit Palmer Dadeland apartments for $386.7 million from Mill Creek Residential, roughly $440,000 per unit. The transaction was facilitated via an LLC membership change in which Mill Creek Residential sold the LLC that owns the property to Starwood as opposed to a deed being filed. Investors use this method of acquisition to save on documentary stamp taxes which are paid by the state and county upon filing a deed. The property was 97.9% occupied at the time of sale with an average monthly rent of $2,292. Starwood will finance the property with a $260 million two-year, floating rate, interest only loan provided by Wells Fargo which is expected to close on October 21.

The LEED Silver-certified Palmer Dadeland is located at 8215 and 8217 SW 72nd Ave. and features 844 residential units. The project was initially known as Modern Metro Dadeland and was developed by Mill Creek Residential in 2017 and 2019. The residential community features resort style pools, business center, fitness center, billiards lounge, game room, two rooftop decks and a pet spa.

Images via Palmer Dadeland

Cushman & Wakefield Arranges $5.8M Sale of North Miami Beach Apartment Community

Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a 36-unit apartment community located at 16851 NE 18th Avenue in North Miami Beach. The final sale price was $5.8 million, which comes out to $161,111 per door.

Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, EUS at 18th Ave LP., in the transaction. Demian Perelmuter with F Advance Mgmt., which specializes in stabilized and value-add multifamily acquisitions, acquired the property. “F Advance Mgmt. plans to renovate the property and providing updated units that are needed within the market,” Perelmuter said. 

Built in 1964, the property includes one three-story building with one- and two-bedroom units averaging 772 square feet. The property was fully leased at the time of the sale.

By Katya Demina

American Landmark Apartments Sells Lago Paradiso at the Hammocks Multifamily For $99 Million

Lago Paradiso at the Hammocks, a 424-unit, garden-style multi-housing community in the suburban neighborhood of Kendall in Miami-Dade, Florida, has traded for $99 million. JLL marketed the property on behalf of the seller, American Landmark Apartments and multifamily investment firm Cortland was the buyer. The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Maurice Habif, Directors Simon Banke and Ted Taylor and Associate Jo Rousseau.

Lago Paradiso at the Hammocks comprises one- and two-bedroom units ranging from 552 to 945 square feet. Units feature designer cabinetry, granite counters, stainless steel appliances, full-size washers and dryers, walk-in closets and screened patios and balconies. The community offers two pools, a 24-hours fitness center, clubhouse with WiFi cafe, fire pit area, outdoor kitchen with gas grills, 24-hour package room, sailing and fishing, lakeside jogging and bike trail and controlled access.

Located at 15000 SW 104th St., residents of Lago Paradiso at the Hammocks enjoy direct access to many of Florida’s major highways, located just 16 and 10 miles southwest of Downtown Miami and Miami International Airport respectively. To the west is the Florida Turnpike and US Highway 1, with subsequent linkage to Interstate 95 to the east. The property offers easy access to local retail, entertainment and dining options, including The Fall, Dadeland Mall, Palms at Town & Country, Port of Miami and Freedom Park Stadium.

“Lago Paradiso represents a fantastic investment opportunity combining a phenomenal location and strong resident profile in a highly supply-constrained suburban market,” said Banke. “The potential for physical improvements at the property is supported by incredible market fundamentals and we are excited to see the community’s performance under Cortland’s ownership.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Images via JLL

This article was produced in partnership with JLL

Hines Acquires Mixed-Use Development Site In Fort Lauderdale's Flagler Village For $57.41 Million

The Houston-based development firm Hines has acquired a mixed-use development site in Fort Lauderdale’s Flagler Village neighborhood for $57.41 million. The properties acquired make up the proposed FAT Village project which were assembled by Urban Street Development, led by Alan Hooper, and Restaurant People, led by Tim Petrillo. Urban Street Development will remain as a Joint Venture partner in the project. FAT Village would bring 835,000 SF of total development spanning 500 apartment units, 350,000 SF of office space and 71,000 SF of ground floor retail. Hines has revealed plans to build one of the office buildings as a 180,000 SF T3 building, T3 is known as “Timber, Transit and Technology,” in which the building would be built out of sustainable timber. Hines already has built T3 buildings in Minneapolis, MN and Atlanta, GA and has proposed another in Austin, TX.

Flagler Village is a fast transforming neighborhood in Fort Lauderdale that was once an industrial warehouse district and now represents Fort Lauderdale’s Arts District, full of art galleries, studios, craft breweries, coffee shops and retail.

Hines was founded in 1957 by Gerald D. Hines and has $83.6 billion under management. The firm has developed over 492 million SF including Williams Tower, One Shell Plaza, Pennzoil Place, JPMorgan Chase Tower, the TC Energy Center, Kinder Morgan Tower and Aris Market Square in Houston. Hines also developed the Jean Nouvel-designed 53 West 53 and 885 Third Avenue, also known as the infamous Lipstick Building.

Miramar Park of Commerce Sells For $18 Million At A Record Price Per Square Foot For Broward County

The Miramar Park of Commerce has sold for $18 million. The 56,072-square-foot industrial/flex building is located at 10315 USA Today Way in Miramar, Florida. At $321.02 per square foot, the transaction represents the highest price per square foot secured for an industrial/flex property in Broward County.

On behalf of the seller, Zeta Associates, LLC, Avison Young’s Industrial leasing team and Florida Capital Markets Group teamed up to complete the record-setting disposition to CRG Acquisition, LLC. The effort was led by Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts, and Senior Associate Bobby Benton.

“The sale demonstrates both the resilience and attractiveness of the South Florida industrial market,” said Viscount. “Specifically, the significant price per square foot is indicative of the high demand for class A industrial and flex space, as investors continue to see South Florida as a key growth region. Due to the extraordinary demand and limited supply, less than 10 flex buildings over 50,000 square feet sold in the past year.”

The asset’s buyer is an investor who was attracted to Miramar Park of Commerce’s great location, well-maintained properties, and the prestige of the park. They plan to renovate the building to create a high-end educational campus-like setting to lease it to one of their national clients that operates a medical school.

“The buyer recognized the uniqueness and value of the building’s overall footprint and quality infrastructure sitting on seven acres, which cannot be replicated in today’s market,” added Viscount. “These factors certainly contributed to the notable sales price.”

Equidistant from Fort Lauderdale and Miami, Miramar Park of Commerce is a light industrial park campus in Southwest Broward County fronting the Florida Turnpike just one mile east of the Red Road Interchange. With over 5 million square feet of office/service, laboratory, pharmacy, light manufacturing, and distribution space, the world-class park is home to 10,000 employees from more than 170 national and international companies.