BH Group and InterVest Capital Partners have successfully acquired Wake Biscayne Bay, a significant two-building, 10-story multifamily community located in Miami’s North Bay Village. The waterfront property, boasting over 1,000 feet of direct Biscayne Bay frontage, was sold for $77.7 million, highlighting the continued strength of the Miami real estate market.
Key Takeaways
- BH Group and InterVest Capital Partners acquired Wake Biscayne Bay for $77.7 million.
- The community features 338 units with studio to three-bedroom floorplans.
- BridgeInvest provided the acquisition loan, citing confidence in South Florida’s long-term real estate prospects.
- Steady migration patterns are a key driver for the region’s robust multifamily market.
Property Details and Amenities
Wake Biscayne Bay, situated 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 floorplans, from studios to three-bedroom residences, ranging from 415 to 1,425 square feet. Residents can enjoy direct waterfront views and access to amenities such as pools, a fitness center, a cyber cafe, EV charging stations, and outdoor grilling areas.
Strategic Location and Market Strength
The multifamily community is strategically positioned near major retail destinations like Aventura Mall and Bal Harbor Shops, as well as the vibrant dining and entertainment hubs of downtown Brickell, the Design District, and Midtown Miami. Educational institutions in the vicinity 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 optimism about South Florida’s real estate market, noting the property’s prime waterfront location and a familiar borrower. He highlighted steady migration numbers as a significant factor bolstering the area’s multifamily fundamentals. Horn pointed out that Florida’s appeal, driven by a better cost of living, job opportunities, and quality of life, continues to attract new residents, further solidifying the region as an attractive lending environment, especially with the growth of tech and finance sectors.
Expanding Multifamily Portfolios
BridgeInvest and other multifamily investors are actively expanding their presence in South Florida. This acquisition follows other recent developments in the Miami market, underscoring the sustained interest and investment in the region’s residential real estate sector.