TODAY'S DEALS: Alder, ECI Announce Two Luxury Towers
The Alder Group and ECI Group acquire land for two luxury towers in Florida; IPA completes a $13.5 million sale for Beachworld Residential; and NAI Hunneman’s Investment Services Group brokers a $1.6 million sale of a four-unit condo building.
Miami—The Alder Group and ECI Group are the latest developers to announce a new joint venture multifamily project in Miami. While the exact unit count has not been released, the pair will create two luxury 20-story apartment towers overlooking Biscayne Bay. Groundbreaking is scheduled for later this year, with a delivery time of approximately 24 months.
The project will be situated on a 2.84-acre land site at 7950 NE Bayshore Court. The parcel was secured thanks to financing from Miami’s Apollo Bank. Amenities will include up to 13 boat slips and a neighborhood park.
Beachworld Residential sells 178-unit asset in Florida
Sarasota, Fla.—Beachworld Residential has completed its disposition of Tradition at Palm Aire, a 178-unit community located in Sarasota, Fla. The asset was picked up by Preston Giuliano Capital Partners for $13.5 million, which equates to $75,843 per unit. Institutional Property Advisors, a multifamily brokerage arm of Marcus & Millichap, represented the seller in the transaction.
“Originally a 248-unit condo conversion, Tradition at Palm Aire provides the new owner with 178 units at a significant discount to historical retail sales prices as well as below replacement cost,” says Jamie May, a senior director at IPA. “The units are presently 95 percent leased and generate strong cash flow, providing new ownership with the flexibility of holding unit rentals until the retail sales market for condominiums recovers.”
On site amenities at the 1991-built property include two-story clubhouse, a business center, fitness center, three swimming pools, lighted tennis courts, two lakes with walking paths, and a car care center.
NAI’s Investment Services Group brokers $1.6M sale of 4-unit condo building
Boston—NAI Hunneman announced it has brokered the sale of 162 Prince Street in Boston’s North End neighborhood to 162 Prince LLC for $1.6 Million.
NAI Hunneman’s Investment Services associates Gina Barroso and Robert Tito Jr. represented seller Prince Street Realty Trust as well as procuring the buyer.
“162 Prince Street offered a building with cash flow and condo options in a highly contested North End, Boston neighborhood,” said Jr. “The property is a solid addition to the buyer’s portfolio.
Located just one block from the waterfront, 162 Prince Street is a four-unit traditional Boston brick apartment building featuring three three-bedroom, one-bath units along with one three-bedroom, 2-bath duplex. The building was recently renovated and the units all features high-end finishes.