What happened in the multifamily scene across South Florida in February?
Let’s dive in.
Select February Transactions
AMLI Residential buys Midtown 29 — a high-rise in Midtown Miami
This Miami high rise sale comp pairs well with KKR’s 50-story high-rise acquisition of Solitair in Brickell back in October 2021 (below)
How does these urban high-rise multifamily trades stack up with Brickell’s condo inventory?
- Available Condo Sales Asking $810 PSF
- Available Condo Sale Listings: 2.3% of Total Inventory
- Available Rentals Asking $5.15 PSF
- Available Rental Listings: 1.9% of Total Inventory
Mast Capital Purchases Prime 2.8-acre Dev Site to Build 1 Condo and 2 Rental Luxury Towers (up to 2,100 units) in Brickell
- The 2.8-acre site was purchased for $103,000,000.
- This equates to $37M/acre, or $50K/unit (2,100 allowable units).
- Mast Capital will build an 80-story, 400-unit “Cipriani Residences” Condo Tower and they have partnered with Rockpoint Group for the two rental towers.
New York’s Benjamin Co. Buys Newly Built Pompano Beach Mid-rise
Wondering about a multifamily deal in South Florida that may be happening in real-time?
Send me a note at Omar.Morales@Berkadia.com
Notable News
Amazon is the Latest Big Tech Firm to Plant a Flag in Miami Office Market — Wall Street Journal
Amazon is coming to Coral Gables, looking to increase their Amazon Prime and Amazon Web Service employee count to +160.
Melo Group’s “Downtown 1st” - a 560-unit High Rise, is Underway
If you’re not familiar with the Melo Group family, it’s worth reading into them.
They built, still manage, and still own about 20 high rises across Miami’s urban core, totaling over 6,000 units.
Few families have achieved this scale and remained as under the radar as the Melo Group.
Nobody builds faster, more cost-effective high rises in Miami’s urban core.
Market Sentiment
Think you’re late to the Florida rush? The founder of Bolt Storage is taking the other side of that bet—and I would too.
Formerly at Google, and now Author, Angel Investor, Senior Advisor @ Stanford Cyber, and adjunct fellow at one of the top national security think tank’s in the world (CSIS), Jacob Helberg, sees the future of Miami.
Check out his latest book on technology & the global struggle for power, The Wires of War, here.
Berkadia’s Activity
Want an early look at a 640-unit value-add multifamily complex in South Miami that we’ll be marketing this month?
Email us for more details.
UNDER CONTRACT: 359-unit, Value Add, Garden-style Opportunity in Jupiter
JUST CLOSED: Newly Built, 276-Unit, Garden-style Apartments in Fort Lauderdale
This newsletter is for you.
What did you like? What would you add? What would you remove? Let me know!
See you in April!
in the meantime… let’s talk real estate!
Say hello at Omar.Morales@Berkadia.com