The Milestone Group has announced the acquisition of Casa Brera at Toscana Isles, a 206-unit apartment community located in Lake Worth Beach, Florida, a submarket of Miami. This strategic purchase, previously owned by RAIA Capital Management, was made at a 20 percent discount to replacement cost, with Milestone assuming the existing financing.
Key Takeaways
- Milestone Group acquired the 206-unit Casa Brera at Toscana Isles in Lake Worth Beach, Florida.
- The acquisition was made at a 20 percent discount to replacement cost.
- The property features one-, two-, and three-bedroom floorplans and extensive amenities.
- Miami’s multifamily investment activity has seen a year-over-year increase.
Property Details and Future Plans
Casa Brera, completed in 2014, spans over 59 acres and comprises seven two- and three-story buildings. The community offers a variety of one-, two-, and three-bedroom floorplans, ranging from 870 to 1,430 square feet, with private balconies or patios. The Milestone Group plans to implement exterior and amenity upgrades, alongside selective interior improvements to enhance the resident experience.
Community Amenities
The property boasts a comprehensive suite of common-area amenities designed for resident convenience and enjoyment. These include a swimming pool, a private movie theater, a fitness center, a dog park, and a multipurpose sport court. Additionally, residents have access to a clubhouse featuring a social lounge and entertainment bar. The community also provides approximately 620 parking spaces.
Strategic Location
Located at 4725 Via Bari, Casa Brera offers residents convenient access to numerous retail and dining options. Palm Beach International Airport is situated within a 9-mile radius, while downtown Miami is approximately 65 miles away, providing connectivity to major employment and entertainment hubs.
Miami Multifamily Market Overview
Metro Miami’s multifamily investment sector has demonstrated robust growth. As of July, the market recorded $1.9 billion in investment activity across 30 properties, totaling 7,504 units. This figure represents a significant increase compared to the same period last year, when $1.3 billion was transacted for 32 assets comprising 7,193 apartments. Notable recent transactions in the region include a joint venture’s acquisition of a 400-unit community in Sunrise, Florida, for $90 million.