Greystar Snaps Up Miami Mixed-Use Tower
- Nov 21, 2016
By Robert Demeter
Miami—HFF recently closed the sale of and secured financing for InTown Apartments, a new two-building, mixed-use property in Miami. Greystar purchased the asset free and clear of existing debt from The Astor Cos. The sale price was undisclosed.
HFF brokered the sale on behalf of the seller in an off-market transaction. HFF also assisted the buyer in securing a fixed-rate acquisition loan with Florida Community Bank, which provided the original construction financing for the development of the property. The investment sales team representing the seller was led by Managing Director Jaret Turkell and Director Maurice Habif. The debt placement team was led by Managing Director Elliott Throne and Senior Managing Director Andy Scott.
Completed earlier this year, InTown Apartments comprises two 15-story towers with a total of 320 units and an additional 19,000 square feet of ground-floor retail. The community also features a 536-space structured parking garage surrounded by eight bi-level townhouse units. The remaining 312 units encompass 182 one-, 104 two- and 26 three-bedroom floor plans. Amenities include a clubroom, coffee bar, fitness center, yoga room, business center and an amenity deck featuring a 60-foot outdoor swimming pool.
The community is situated on 2.5 acres at 1900 Southwest 8th St., in Miami’s Little Havana submarket. The property has a central location, between downtown Miami and the affluent Coral Gables neighborhood.
“Little Havana represents one of the most exciting urban landscapes in the City of Miami,” said Turkell. “The area is characterized by a deep history with strong cultural ties to the local community.”
“As one of Miami’s most rapidly-developing neighborhoods, Little Havana is rich in authentically-local culture and is a beloved neighborhood with incredible potential for growth,” added Kent Ellert, president & CEO of Florida Community Bank. “As a Florida-based, Florida-focused bank, we are proud to align with organizations right here in our own backyard that strengthen our local communities.”
Photos courtesy of InTown Apartments website