Integra Investments has finalized the sale of a significant bayfront rental complex in Miami-Dade County for $151.4 million. The transaction marks one of the largest multifamily deals in the area this year, with RPM Living acquiring the newly developed property.
Key Takeaways
- RPM Living acquired the 380-unit Biscayne Shores complex for $151.4 million.
- The sale price equates to approximately $398,000 per unit.
- 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 Significant Bayfront Acquisition
RPM Living, an Austin-based real estate firm, has purchased the 380-unit Biscayne Shores complex, located at 11295 Biscayne Boulevard. The property, developed by Miami-based Integra Investments, includes a 15-story tower with 288 apartments and 92 townhomes spread across three-story buildings. The deal, which closed recently, represents a substantial investment in the Miami-Dade multifamily market.
Property Details and Market Appeal
Completed in 2024 on an 8.2-acre site directly fronting Biscayne Bay, Biscayne Shores offers a mix of studio to three-bedroom apartments and two- to three-bedroom townhomes. The complex is fully occupied, with monthly rents spanning from $2,483 to $7,047. Industry experts highlighted the rarity and desirability of large, waterfront apartment developments in Miami, describing the offering as a "once in a cycle" opportunity.
Parties Involved
Integra Investments, led by Paulo Tavares de Melo, Nelson Stabile, Victor Ballestas, and Cory Yeffet, partnered with Andrew Korge of Korgeous Group and David Larson of DCL Capital on the development. RPM Living, founded by Jason Berkowitz, is known for its focus on market-rate, affordable, and senior living properties across the Sun Belt. While RPM has a growing portfolio, Integra boasts a long history in Miami, with other notable projects including a St. Regis Residences-branded condo tower in Brickell and a major redevelopment of Rybovich Marina in West Palm Beach.
Recent Multifamily Market Activity
The sale of Biscayne Shores follows a series of significant 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 tower in downtown Fort Lauderdale.
Sources
- Integra Sells Miami Rentals to RPM Living for $151 Million, The Real Deal.