This Week’s South Florida Deal Sheet: Aimco To Sell 2 Edgewater Properties For $204M
Apartment Investment and Management Co. has reached two all-cash deals for a combined $204M to sell the Hamilton apartments and a nearby Edgewater development site.
The apartment REIT declined to name the buyer of the 276-unit, 28-story Hamilton, but it said the property is under contract for $190M with the buyer committing to a nonrefundable deposit. The Real Deal reported Monday that Kushner Cos. was the buyer, citing anonymous sources.
Aimco also announced that New York-based Beitel Group had agreed to pay $13.8M to buy the investment firm out of its interest in a nearby 2.8-acre development site at 3333 Biscayne Blvd. The deal values the site at $66.5M. Beitel was already the majority owner of the property.
The deals are expected to close before the end of the year, at which point Aimco plans to retire $110M in debt and return roughly $90M to stockholders in the first quarter of 2025.
Denver-based Aimco paid $81M for the Hamilton in 2020 before controversially evicting all the residents and renovating the building, which was built in 1981. An online listing for the property has units from one-bedroom apartments available for $4,419 per month to a five-bedroom unit listed at $16,017 per month.
Plans for the nearby development site were first put forward in November 2022, when Aimco and Beitel proposed building 653 apartments, 157K SF of office space and 20K SF of retail space. The joint venture acquired the property earlier that year for $45M.
SALES
An entity associated with Ares Management paid $147M for a four-building industrial portfolio totaling 506K SF called Miami Midway Park. The seller was South Carolina-based Greystar and Coconut Creek-based Butters Construction, which jointly developed the project.
Miami Midway Park, spanning 23.2 acres at 9675 NW 174th St., was completed during the second quarter. Its buildings have 32-foot clear heights and a combined 120 dock doors. The logistics park was 76% leased at the time of sale, according to a release, with two fully occupied buildings and 124K SF available. Space is listed online at roughly $19 per SF.
Greystar and Butters were represented by a CBRE team of Jose Lobón, Frank Fallon, Trey Barry and Royce Rose, with assistance from Devin White, Gabriel Braun and Daniel Sarmiento.
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Miami-based homebuilder Lennar paid $54M for the site of the second phase of Lotis Wellington, according to property records collected by data intelligence platform Vizzda.
The 52-acre, wooded site is adjacent to the 64-acre site where Boca Raton-based Lotis Group, which sold the land to Lennar, is developing the project’s first phase. The parcel purchased by Lennar is approved for up to 100 single-family homes and 72 townhouses, as well as an 18K SF daycare and 8K SF mini-golf facility.
Lotis Wellington’s first phase includes a 372-unit garden-style apartment complex, 60K SF of medical offices and another 61K SF of commercial space. Lotis locked in $44M in financing from Bluefin to build the apartments in March. The project is on the west side of State Road 7, north of Wellington Regional Medical Center.
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An entity tracing to Bridge Industrial paid $45M for the 192K SF Corporate Park of Doral, Vizzda property records indicate, laying the groundwork for the potential redevelopment of the aging 16-acre flex office park.
Bridge purchased the property at 7705 NW 48th St. from an entity controlled by Warren Todd Zinn of Atlas Capital Group. It consists of eight one- and two-story buildings first developed in 1972 with roughly 965 surface parking spaces.
Chicago-based Bridge has been a major developer of industrial space in Miami over the last decade, but Kevin Carroll, a partner in the firm's Southeast region, told the South Florida Business Journal that the developer was still weighing its options for the property.
Newmark's Nick Wigoda and Steve Medwin represented Bridge in the acquisition. Zinn was represented in-house.
CONSTRUCTION AND DEVELOPMENT
Housing Trust Group announced it is partnering with a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning to build a $58M affordable housing complex in Overtown.
The 120-unit project is planned as the second phase of the Courtside Apartments, which opened in 2016 at 1699 NW Fourth Ave. and was built by HTG and Mourning’s AM Affordable Housing.
Plans call for a pair of seven-story apartment buildings totaling 161K SF with units ranging from one to three bedrooms. Rents will run from $985 a month to $3,092 per month, with units reserved for residents making no more than 70% of the area median income, which sits at $79,400 for a single person.
Funding sources for the project include a $30M construction loan from JPMorgan Chase, $26M in low-income housing tax credit equity syndicated through Truist Bank, a $19M permanent loan from Grandbridge Real Estate Capital, an additional $7.5M bridge loan from JPMorgan and roughly $10M in state and county financing.
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A local developer is seeking approval for an 18-story condo tower near Currie Park in West Palm Beach, the South Florida Business Journal reported.
The Parkland Cos., managed by local apartment developer Neil Kozokoff, is asking the city to approve his plans for a 90K SF tower rising 18 stories with 80 condos, 102 parking spaces and a sixth-floor amenity deck. Units at the property would range from 730 SF to nearly 3K SF, with 55 one-bedroom units and three of the largest units.
The property hosts a triplex that Kozokoff purchased for $1.5M in June through an entity called AWDC LLC.
Consideration of the project was postponed to Thursday from Oct. 10 because of Hurricane Milton. If approved, Kozokoff plans to launch sales in March 2025, with prices starting at $800K, he told the SFBJ.
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New York-based development firm RedHoek+ launched sales for its planned 18-unit Pool Haus at 1130 100th St. on Bay Harbor Islands, The Real Deal reported.
The planned seven-story building is being built as the “sister building” to Solina Bay Harbor, the first South Florida project from RedHoek+, CEO Lee Cohen told TRD. That nine-unit luxury project is more than 50% sold, according to Cohen.
Floor plans at Pool Haus include 2,200 SF, three-bedroom condos and four-bedroom units spanning 3,400 SF. Units are priced from $2M to $5M.
RedHoek+ is aiming to start construction in early 2025 and plans to deliver the project in 2027. The firm purchased the half-acre site for $5.6M in 2022, just north of the under-construction Solina condos.
THIS AND THAT
FirstService Residential announced it was expanding beyond property management and into consulting with the launch of FirstService Development Advisors.
The Dania Beach-based firm, a subsidiary of Toronto-based FirstService Corp., is launching the consulting arm with an emphasis on large-scale residential developers, master-planned communities, luxury high-rises and mixed-use properties.
FirstService Development Advisors will be based out of the company’s Dania Beach office but will provide services nationally, a spokesperson for the company confirmed. Gene Leon will lead the new operation, which Paul Johnson has joined as a strategic consultant. The business will partner with Mark Boud, a principal at Robbins Boud Real Estate Analytics, to bolster its capabilities.
PEOPLE
Colliers added Michael Carpenter to its Fort Lauderdale office. He joined as a vice president focused on retail sales and leasing, according to a release.
Carpenter is joining Colliers from Fort Lauderdale-based Stiles, where he worked for nearly 13 years, according to his LinkedIn profile. He has closed more than $120M in sale and lease transactions on behalf of landlords over his career, including deals with AutoZone, Chipotle, Chick-fil-A, Panera Bread, Walmart and TD Bank.
Over 11 years, Carpenter has been recognized as a CoStar Power Broker seven times.
