Integra Investments has finalized the sale of its bayfront rental complex, Biscayne Shores, located in an unincorporated area of Miami-Dade County, to RPM Living for $151.4 million. This significant transaction marks one of the largest multifamily trades in the region this year, highlighting the continued demand for prime rental properties in South Florida.
Key Takeaways
- RPM Living acquired the 380-unit Biscayne Shores complex for $151.4 million.
- The sale represents one of the largest multifamily deals in Miami-Dade County this year.
- The property features a 15-story apartment building and 92 townhomes, all completed in 2024.
- The complex is fully leased, with rents ranging from $2,483 to $7,047 per month.
A Prime Waterfront Acquisition
The Biscayne Shores complex, situated at 11295 Biscayne Boulevard, comprises a 15-story building with 288 apartments and 92 townhomes spread across three-story buildings. Developed by Integra Investments on an 8.2-acre site fronting Biscayne Bay, the property was completed in 2024. The unit mix includes studios to three-bedroom apartments and two- to three-bedroom townhomes. The sale, which closed recently, breaks down to approximately $398,000 per unit.
Market Significance and Buyer Profile
Robert Given of CBRE, who marketed the property, described the offering as "once in a cycle" due to the rarity of large, waterfront apartment developments in Miami. RPM Living, an Austin-based firm led by Jason Berkowitz, is a seasoned multifamily investor, developer, and manager with a portfolio concentrated in the Sun Belt region. While RPM has a limited track record in Miami, Integra Investments, co-led by Paulo Tavares de Melo, Nelson Stabile, Victor Ballestas, and Cory Yeffet, has a substantial presence in the South Florida market, with numerous development projects underway.
Recent Multifamily Deal Activity
The sale of Biscayne Shores follows a series of notable multifamily transactions in South Florida. These include Property Reserve’s $240 million acquisition of a 456-unit complex near Boca Raton, Bowery Properties’ $65.5 million purchase of a 264-unit complex in West Kendall, and LeFrak Organization’s $180 million acquisition of a 337-unit apartment tower in downtown Fort Lauderdale. These deals underscore the robust activity and investor interest in the region’s rental housing market.
Sources
- Integra Sells Miami Rentals to RPM Living for $151 Million, The Real Deal.