Milestone Group Buys Miami-Area Asset
The property previously traded in 2018 for $44 million.
The Milestone Group has acquired Casa Brera at Toscana Isles, a 206-unit community in Lake Worth Beach, Fla., a Miami submarket. RAIA Capital Management previously owned the asset, according to Yardi Matrix information.
Milestone purchased the asset at a 20 percent discount to replacement cost and assumed the existing financing, Vice President David Giles said in prepared remarks. Plans call for exterior and amenity upgrades, along with selective interior improvements.
The community previously traded in July 2018, when RAIA acquired it from Priderock Capital Partners for $44.4 million, the same source shows. At the time, the property was already subject to a $27.5 million Fannie Mae loan originated by Wells Fargo Bank in 2015 and set to mature in 2030.
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Located at 4725 Via Bari, Casa Brera is close to several retail and dining options, while Palm Beach International Airport is within 9 miles. Downtown Miami is 65 miles away.
Completed in 2014, the property encompasses seven two- and three-story buildings across more than 59 acres. The unit mix comprises one-, two- and three-bedroom floorplans ranging between 870 and 1,430 square feet. Apartments also have private balconies or patios.
Common-area amenities include a swimming pool, private movie theater, fitness center, dog park and multipurpose sport court. Additionally, the community has a clubhouse with social lounge and entertainment bar and about 620 parking spaces.
Miami sales activity increases year-over-year
Metro Miami’s multifamily investment activity year-to-date as of July amounted to $1.9 billion from the 30 properties—7,504 units—that changed hands, according to Yardi Matrix information. The figure is considerably larger than the $1.3 billion registered during the same timeframe of last year, when 32 assets totaling 7,193 apartments traded.
In one of the more significant deals, a joint venture of FCP, BMC Investments and The RMR Group acquired a 400-unit community in Sunrise, Fla. The companies paid $90 million for the 1998-completed property.
