Wood Partners and Area Property Acquires Condo Construction in Miami
- Oct 20, 2010
Miami – Wood Partners and Area Property Partners have closed on the acquisition of Terrazas River Park Village, a 324-unit Class A property along the Miami River.
Wood Partners and Area intend to lease the property as high-end market rate apartments. Constructed as a condominium community, the property will offer tenants superior finishes and amenities at competitive rental price points. Leasing began at Terrazas in mid-July and almost all available inventory has been leased.
Wood Partners launched its investment initiative earlier this year to balance its revenue platform through both new acquisitions and ongoing development efforts. The value of the off-market transaction was not disclosed. “There was a very short gap between the find and the close on this acquisition, and the reason we were able to accelerate the process is because of our strong financial partnership with Area,” says Jay Jacobson, national acquisition director for Wood Partners.
Terrazas River Park Village consists of two contemporary-designed towers on a 2.15-acre site along the Miami River adjacent to E. G. Sewell Park, a 10-acre natural preserve. The community is in close proximity to downtown, the rapidly expanding Miami Medical Center and the new Florida Marlins’ baseball stadium, which is currently under construction. A limited pipeline of rental inventory, coupled with improving demographic trends, supports strong apartment fundamentals in the Miami area, says Wood Partners.
The towers feature two-story soaring lobbies with open views to the park and river, a private clubhouse and a lushly landscaped pool and spa surrounded by an expansive sundeck. There is a state-of-the-art fitness center with exercise equipment and yoga/aerobic studio, along with separate men’s and women’s sauna/shower areas and a relaxing meditation garden.
Residences at Terrazas range from one-, two- and three-bedroom units to luxurious two-story penthouse and townhome units overlooking the Miami River. The broker on the transaction was Robert Given, executive vice president of CBRE’s Multi-Housing Group.