
New Waterfront Investment in North Bay Village
In a bold expansion of their real estate holdings, BH Group has invested $83 million into Wake Biscayne Bay, a waterfront apartment complex nestled in North Bay Village, Florida. This acquisition marks another significant move by the Aventura-based firm, notorious for its strategic partnerships and investment in the multifamily real estate market.
What Makes Wake Biscayne Bay Unique?
The luxurious Wake Biscayne Bay is composed of three ten-story buildings, offering 338 apartments with stunning views of Biscayne Bay. Residents can enjoy over 1,000 linear feet of waterfront, giving the property a serene and appealing atmosphere. Currently, units range from studios to three-bedroom apartments, with rental prices between $2,093 and $4,354 monthly. The complex recently underwent a $20 million renovation, further enhancing its appeal and market value.
A Look at the Past and Future
This isn’t the first time the property has changed hands; it was originally sold for $75.5 million in 2016. The previous owners, a joint venture of Mast Capital, Angelo, Gordon & Co., and InterWest Capital, implemented significant renovations, which have now positioned Wake Biscayne Bay favorably within South Florida's bustling real estate market. However, BH Group has no immediate plans for redevelopment, focusing instead on maintaining the current quality and appeal.
Broader Implications for South Florida
BH's continued investment in South Florida is indicative of a thriving real estate environment. This acquisition aligns with the trends in local real estate, where demand for multifamily housing is on the rise, driven by the area's growing population attracted to its lifestyle and amenities.
Partnerships Fueling Growth
Beyond this latest investment, BH Group's collaborations with industry leaders like Kolter Group and Related Group showcase its commitment to shaping South Florida’s residential landscape. Recent joint ventures include exciting projects in Miami Beach and North Miami, further solidifying BH's status as a key player in the region’s real estate scene.
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