Miami Luxury Apartment Complex Sold
PREMIUM Development Inc., the U.S. arm of European-based PREMIUM Group, has sold FIFTEEN Apartments, a 132-unit luxury multifamily community in Miami. The transaction was brokered by Walker & Dunlop, though the buyer and sale price remain undisclosed. This marks the second sale of a Miami-area property for PREMIUM Group.
Key Takeaways
- PREMIUM Development Inc. has sold its FIFTEEN Apartments property in Miami.
- The 132-unit Class A luxury community was designed by Anillo Toledo Lopez, LLC and constructed by Ortega Construction.
- The sale was brokered by Walker & Dunlop.
- FIFTEEN Apartments is located in Miami’s Health District, a hub for medical facilities.
- PREMIUM Group has other multifamily projects underway in the Miami area.
FIFTEEN Apartments Details
Completed in December, FIFTEEN Apartments is a mid-rise property situated at 1420 NW 15th Avenue. The community features one and two-bedroom units with high ceilings and in-unit washers and dryers. Residents can enjoy amenities such as a lap pool, health club, and fitness center. The average apartment size is 767 square feet, with an average asking rent of $2,891.
Strategic Location
The Health District, where FIFTEEN Apartments is located, boasts one of the nation’s highest concentrations of hospitals, research institutes, and clinics, including Jackson Memorial Hospital. The property is conveniently located approximately five miles from Miami International Airport and just over three miles from Downtown Miami.
PREMIUM Group’s Miami Presence
This sale follows PREMIUM Group’s 2022 sale of FIRSTS Apartments in East Little Havana for $92 million. The company continues to develop multifamily projects in the Miami area, with upcoming communities like PALM AIRE APARTMENTS in Pompano Beach and SONVIDA in Little Havana expected to add 485 units to its portfolio.
Miami’s Dynamic Construction Market
Miami’s real estate market saw over 15,000 new units come online last year. Notable recent developments include Fisher Brothers’ Joule House, a 308-unit mixed-use project, and 13th Floor Investments’ planned Link at Boca, a transit-oriented development featuring 340 market-rate apartments. Additionally, the 115-unit affordable housing development, Residences at Beverly Park in Hollywood, Fla., is currently under construction and slated for a 2026 opening.