Alpaca Real Estate and Phoenix Realty Group have acquired Bay Pointe, a recently built, 269-unit apartment community in Miami’s South Kendall submarket. The seven-story property has completed its initial lease-up and is 95% leased. The partners plan to focus on stabilizing operations and resident services, with Willow Bridge taking over as property manager.
Key takeaways
The acquisition brings together two firms pursuing well-located rental housing in high-growth markets. Bay Pointe’s recent construction, current occupancy and access to major South Florida roads are central features of the investment.
- The joint venture acquired the 269-unit community, completed in 2024.
- Bay Pointe is 95% leased following its lease-up.
- Willow Bridge will manage the property as the new owners work to stabilize operations.
- The community is in South Kendall, near Palmetto Bay, with access to U.S. 1 and Florida’s Turnpike.
A new addition to South Kendall’s rental market
Bay Pointe is a seven-story multifamily property in Miami’s South Kendall area, adjacent to Palmetto Bay. Its location provides connections to U.S. 1, also known as South Dixie Highway, and Florida’s Turnpike. The community offers a resort-style pool, a 24-hour fitness center, a business center, a resident lounge and gated garage parking.
Apartments include quartz countertops, stainless steel appliances, 36-inch cabinets, in-unit washers and dryers, and hard-surface flooring. The property’s recent delivery and lease-up make operational stabilization the new owners’ immediate focus.
Ownership plans and management transition
The joint venture intends to bring in Willow Bridge as property manager. The firms say their plan is to strengthen operations and support a high-quality resident experience as the community moves toward stabilized occupancy.
Alpaca Real Estate Co-Managing Partner Daniel Carr said the firms viewed the acquisition basis and potential yield as attractive, and described the investment as an opportunity to expand access to naturally occurring affordable housing. Phoenix Realty Group CEO and President Keith Rosenthal said Bay Pointe aligns with the firm’s strategy of investing in well-located communities where disciplined operations can build durable value. Phoenix also plans to contribute its South Florida experience and operating platform.
Strategy focused on middle-income renters
The partners characterized the purchase as part of a broader focus on multifamily housing for middle-income renters in high-growth markets. Their plans emphasize managing the newly delivered asset and building on its existing occupancy, rather than announcing a major renovation program. Financial terms of the acquisition were not disclosed in the announcement.