Miami Community Commands $78M

BH Group and InterVest Capital Partners have acquired Wake Biscayne Bay, a two-building, 10-story multifamily community in Miami’s North Bay Village. The waterfront property traded for $77.7 million.

Located at 7525 E. Treasure Dr. and 1900 S. Treasure Dr., the buildings total 338 units across 326,356 rentable square feet. Wake Biscayne Bay features more than 1,000 feet of direct waterfront with unobstructed views of Biscayne Bay.

The community features studio, one-, two- and three-bedroom floorplans ranging from 415 to 1,425 square feet, according to the property’s website. Amenities includes pools, poolside decks, a fitness center, a cyber cafe, EV charging stations, bike storage areas, outdoor grills and dining spaces and online living Powered by Alfred.

Wake Biscayne Bay is nearby the Aventura Mall, Bal Harbor Shops, downtown Brickell and dining, retail and entertainment options throughout the Design District and Midtown Miami. Universities in proximity include the Florida International University Biscayne Bay Campus, Johnson Wales University and Nova Southeastern University.

Miami’s momentous activity

BridgeInvest provided the acquisition loan on behalf of the deal. Alex Horn, founder and managing partners, BridgeInvest, told Multi-Housing News that he is confident in South Florida’s long-term strength.

“We were immediately drawn to this opportunity, boasting over 1,000 feet of water frontage with a familiar borrower,” Horn said. “We are optimistic that demand for real estate in South Florida will hold strong.”

One of the main factors bolstering the area’s strong multifamily fundamentals is steady migration numbers. Florida ranked fourth on U-Haul’s 2024 list of one-way travelers, following only South Carolina, Texas and North Carolina.

“The migration south isn’t just a pandemic-era trend; people continue to relocate for better cost of living, job opportunities and quality of life,” Horn said. “With tech and finance firms increasing their presence between West Palm Beach and Miami, the region remains an attractive place to lend.”

BridgeInvest, as well as other multifamily investors, developers and owner/operators, are continuing to expand their portfolios across South Florida.

In January, two Chicago-based real estate firms gained administrative site plan approval for a luxury apartment community in Miami. Focus, a real estate development and construction firm, and Group Fox, a property and asset management firm, have secured approval for the 39-story tower. The 517-unit high-rise in the Brickell neighborhood is within walking distance of the Brickell Metrorail station.