Miami Luxury Community Changes Hands
This is the developer's second sale in the city.
PREMIUM Development Inc., the U.S. subdivision of European-based PREMIUM Group, has sold FIFTEEN Apartments, a 132-unit Class A luxury multifamily community located in Miami. Walker & Dunlop brokered the transaction. The buyer and sale price have not been disclosed.
FIFTEEN Apartment is the second U.S. property the company has sold in the Miami area. In 2022, the company sold FIRSTS Apartments in East Little Havana for $92 million to Lloyd Jones.
Completed last year, the mid-rise property is located at 1420 NW 15th Avenue in the city’s Health District. The community has one and two-bedroom apartments with high ceilings and in-unit washers and dryers. Shared amenities include a lap pool, health club, fitness center and an on-site parking garage. Yardi Matrix data shows the average size of an apartment is 767 square feet with an average asking rent of $2,891.
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FIFTEEN received its final certificate of occupancy in December. Design was led by Anillo Toledo Lopez, LLC with Ortega Construction handling construction.
The community is located approximately five miles from the Miami International Airport, and Downtown Miami is just over 3 miles away. The Health District has among the nation’s largest concentration of hospitals, research institutes and clinics. The district is home to Jackson Memorial Hospital, the largest in the nation.
PREMIUM is currently working on similar multifamily projects in the Miami area. PALM AIRE APARTMENTS in Pompano Beach near Fort Lauderdale and SONVIDA in Little Havana will be bringing the company’s portfolio another 485 units as they come online in the future.
Miami’s diverse construction pipeline
Last year, more than 15,000 new units came online in Miami, according to Yardi Matrix data. In June, Fisher Brothers obtained its Temporary Certificate of Occupancy for Joule House, a 308-unit mixed-use development that has 26,000 square feet of retail space.
Later that month, 13th Floor Investments revealed its construction plans for Link at Boca, another mixed-use, transit-oriented development in Boca Raton. The development will bring the area 340 market-rate apartments with studio to three-bedroom floorplans when it comes online. Construction is expected to begin later this summer, and will take two years.
Residences at Beverly Park, a 115-unit affordable housing development in Hollywood Fla., is currently underway. A joint venture between NuRock Cos. wand CFM. The project received a $38.7 million debt package from Regions Bank last month, and it is expected to open in 2026.
