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Big Things Miami!

Cashflow In Miami
January 17, 2022

$226,5 Million, Multifamily Sale Takes Place in Fort Lauderdale

206-unit South Towers at 421 Northeast Sixth Street

206-unit South Towers at 421 Northeast Sixth Street in 2019, and finished the 270-unit North Towers at 444 Northeast Seventh Street the summer of 2021. The Hamburg-based investment manager-German Union Investment, through its real estate division, bought EON Squared for $226.5 million.

The 12-story complex stretches a full block between Northeast Seventh and Sixth streets and east of Northeast Fifth Avenue. The North and South Towers each have two buildings that share a podium. The entire complex spans 3.7 acres.

Raimundo Onetto’s Alta, based in Miami, developed the 430,500-square-foot EON with 2 acres of indoor and outdoor amenities. Amenities include five gyms, two pools, five game rooms, coworking spaces, a pet spa and ground-floor retail.

Units range from studios to three-bedroom apartments, with monthly rents from $1,899 to $4,182, according to EON Squared is 93 percent leased, according to Tal Peri, who heads Union Investment Real Estate’s U.S. East Coast and Latin America.

Union Investment is putting the buildings into two different funds on behalf of its investors. The South Towers will be in the UniImmo: Global fund, and the North Towers in UniImmo: Europa. The open-end funds allow investors to enter or exit as long as they give a year’s notice. By comparison, a closed-end fund has a specific hold period for both the real estate and investors, he said.

Union Investment, a subsidiary of Germany’s DZ Bank, has roughly $482.7 billion of assets under management, with $55.4 billion of that in real estate.

The second building was delivered just last summer, and in four months managed to get leased up to over 90 percent, at 270 units, it means a couple of move-ins a day.

Beach Place sells in Sunny Isles Beach for $110,560,000!!

JTCI5 Sunny Isles LP, an affiliate of Atlanta-based Jamestown, sold the 308 apartments at 17101 North Bay Road to four LLCs managed by Chaim Freeman of Los Angeles-based multifamily firm Buff Management. FS Credit Originator, in care of Rialto Capital Management, awarded a $85 million mortgage to the buyer.

The price equated to $358,961 a unit. Jamestown purchased Beach Place for $31.25 million in 2009 and completed renovations to the apartments and amenity spaces. It said the apartment complex is 96% leased. Beach Place was built on the 7.1-acre site a few blocks from the beach in 1972. Totaling 277,200 square feet in six stories, the complex has a fitness center, a pool, a dog park, and a business center.

1420 S. Miami Ave. Brickell

$103 million was paid for the former Chinese Investors land piece! Over 1000 units are planned!

Miami developer Camilo Miguel Jr. and Boston-based Rockpoint Group just paid $103 million for 2.8 acres of land in the Brickell Financial District.

Mast Capital, Miguel's company, already submitted plans to the city of Miami to construct the 2.6 million-square-foot project at 1420 S. Miami Ave. It will include an 80-story condo tower with 400 residences and two multifamily buildings of 50 and 60 stories, each with 850 apartments. The condo tower will be managed by a "luxury lifestyle brand" that will provide "resort-style amenities" including food and beverage services for residents.

The seller was Rega Center Miami Holdings, LLC managed by Mei Li, according to a deed for the land. Rega Center Miami Holdings seized the property following a legal battle with the previous owner, a limited liability company connected to China City Construction. Based in Beijing, China City Construction paid $74.74 million for the property in 2014 and proposed constructing two towers between 73 and 75 stories tall.

1020 South Ocean Boulevard in Manalapan

Saunders, founder of James River Capital Corp. hedgefund, based in Manakin-Sabot, Virginia, and his wife, Victoria Saunders, sold the newly built estate at 1020 South Ocean Boulevard in Manalapan.

The 16,077-square-foot, five bedroom Manalapan estate that just traded has seven bathrooms and two half-bathrooms. It was completed last year and features a golf simulator room and outdoor putting green.

The couple paid $14.5 million for the nearly 2.2-acre lot in 2018. It has more than 200 feet of ocean frontage and a sliver of land fronting the Intracoastal Waterway with a dock.

1548 Brickell Avenue, Brickell

Nolan house circa 1926 trades hands for $6 million!

A developer paid $6 million for the historic Nolan House, one of the few remaining original mansions that lined Miami’s Brickell Avenue in the 1920s.

Ytech, a Miami-based company led by Yamal Yidios, bought the property at 1548 Brickell Avenue with renovation plans.

A city historic designation limits changes to interior renovations and mandates preservation of the exterior and historic elements. Originally built in 1926 as a home, the property in recent years has been converted to offices.

Seller EJG Real Estate, led by Estanislao and Jose Garavilla, had put the property on the market in February 2020 for $8 million. EJG Real Estate paid $3.8 million for the property in 2019.

George Nolan, who moved to Miami with his wife and two children in 1921 to head Miami National Bank, built the 14-room mansion in a neoclassical-style, per the wishes of his wife Mae Belle Nolan, who hailed from Georgia and wanted a Southern colonial home, according to a Miami History blog. J.C. Gault was the architect.

The property has a two-story portico supported by massive Corinthian columns, according to Miami’s historic preservation website. The city designated it as historic in 1997.

The home became the gathering place for other Miami pioneers who settled along Brickell Avenue, at the time known as Millionaire’s Row, according to the Miami History blog. It also is noted for withstanding the hurricane of 1926.

By the 1970s, the Nolan children were receiving top-dollar offers, but George Nolan Jr. held on to the home until 1997 when he sold it to a law firm, according to Miami History.

The property has had commercial uses since then, including as an office for Sotheby’s International Realty, and then for Hive Brickell, which provides offices for freelancers and startups.

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