BH Group and InterVest Capital Partners have acquired Wake Biscayne Bay, a prime two-building, 10-story multifamily community in Miami’s North Bay Village, for $77.7 million. This waterfront property boasts over 1,000 feet of direct Biscayne Bay frontage, offering unobstructed views and a desirable location.
Key Takeaways
- BH Group and InterVest Capital Partners acquired Wake Biscayne Bay for $77.7 million.
- The community features 338 units across two 10-story buildings.
- The property offers extensive waterfront views and amenities.
- The acquisition highlights continued investor confidence in South Florida’s real estate market.
Property Details
Wake Biscayne Bay, located at 7525 E. Treasure Dr. and 1900 S. Treasure Dr., comprises 338 units spread across 326,356 rentable square feet. The community offers a variety of studio, one-, two-, and three-bedroom floorplans, ranging from 415 to 1,425 square feet. Residents can enjoy amenities such as pools, poolside decks, a fitness center, a cyber cafe, EV charging stations, bike storage, outdoor grills, and dining spaces.
Strategic Location
The multifamily community is strategically situated near major attractions and amenities, including the Aventura Mall, Bal Harbor Shops, and the vibrant dining, retail, and entertainment hubs of downtown Brickell, the Design District, and Midtown Miami. Educational institutions in close proximity include Florida International University’s Biscayne Bay Campus, Johnson Wales University, and Nova Southeastern University.
Investor Confidence in South Florida
BridgeInvest provided the acquisition loan for the transaction. Alex Horn, founder and managing partner of BridgeInvest, expressed strong confidence in South Florida’s long-term real estate prospects. He noted the appeal of the property’s extensive water frontage and the established relationship with the borrower. Horn highlighted steady migration numbers as a key factor supporting the region’s robust multifamily fundamentals, with Florida consistently ranking high for one-way travelers. He emphasized that the migration trend is driven by factors such as a better cost of living, job opportunities, and quality of life, further enhanced by the growing presence of tech and finance firms in the area.
Expanding Portfolios
BridgeInvest and other multifamily investors, developers, and owner/operators are actively expanding their portfolios throughout South Florida. This trend is exemplified by recent developments, such as the administrative site plan approval secured in January for a luxury apartment community in Miami’s Brickell neighborhood, signaling continued investment and development in the region’s multifamily sector.