Waterton Associates Buys North Miami Property, Plans Renovation
- Dec 17, 2012
North Miami, Fla.—Watermarke at Biscayne Apartments, a 402-unit North Miami, Fla., apartment community, has been acquired in an off-market transaction by Chicago’s Waterton Associates, which plans a major refurbishment of the rental property.
Watermarke at Biscayne is a Class B mid-rise apartment community that features studio, one- and two-bedroom garden-style units. The renovation program will upgrade both the apartments and common areas of the property, which should help Watermarke at Biscayne compete with higher-end comparable rental properties in the area.
The community already offers a number of desirable physical qualities, including well-designed floor plans, expansive balconies and patios, large walk-in closets, two swimming pools, tennis courts, laundry facilities and a fitness center.
Another characteristic that should appeal to prospective residents is the community’s outstanding location. It is situated immediately west of the intersection of Northeast 123rd St. and Biscayne Blvd, between the upscale enclaves of Bal Harbour and Aventura. Biscayne Blvd. is a heavily trafficked North Miami artery known for its many retailers, popular restaurants and large office complexes.
Additionally, a number of development projects are helping propel gentrification in the area. Just to the east of Watermarke at Biscayne along Northeast 123rd St. is Causeway Square, a recently built Class A mixed-use building featuring more than 285,000 square feet of office and retail space. Across the street, along Northeast 16th Ave., a Whole Foods Market slated for a spring 2013 opening is under construction.
Within the North Miami submarket, Watermarke at Biscayne currently competes with similar vintage mid- to high-rise properties offering similar interior unit finishes and community amenities.
“Waterton is pleased with the recent closing of Watermarke at Biscayne in North Miami, which further underscores our belief in the positive outlook for multifamily in South Florida,” says Max Peek, senior vice president of acquisitions for Waterton Associates.
“We plan to begin a renovation program that will modernize unit finishes, allowing the property to truly exceed its immediate competitive set within the submarket.”
Waterton’s acquisition of Watermarke at Biscayne Apartments closed October 22. It was the eighth acquisition of a multifamily property by Waterton Associates this year.