New York-based Property Markets Group hosted an opening party to celebrate Echo Aventura, the developer’s first completed South Florida project this real estate cycle.
PMG’s Ryan Shear took The Real Deal on a tour of the property, where he said Brazilian, Colombian, Venezuelan and domestic buyers are the majority. The two 12-story towers, at 3250 and 3330 Northeast 188th Street, include 190 units. Closings were first recorded in August and the first buyers moved in in September, Shear said. Echo Aventura marks the third completed condo project in Aventura since the cycle began in 2011.
In December, PMG took out a $33.8 million condo inventory loan unsold units at the waterfront project. Shear said about 10 units remain unsold.
The 5-acre development includes amenities such as access to a bayfront infinity edge pool with views of Privé at Island Estates and the Sunny Isles Beach skyline, a 4,000-square-foot fitness center, two private porte cochere entrances and an event room. Units are fully furnished, and feature summer kitchens and Apple home technology. Prices range from $700 per square foot to more than $1,000 per square foot, Shear said.
Carlos Ott is the project architect and Yabu Pushelberg designed the interiors.
Shear said Porto Vita, an Ugo Colombo and Soffer family project that was completed in 2000 and 2004, and Prive, which is under construction, are the only competing projects in the Aventura market. PMG will staff the building for a year to fix any potential issues and put the finishing touches on the property. “A recurring buyer is as good as it gets in our business,” he said.
PMG has a handful of projects in South Florida, including 300 Biscayne, which Shear said won’t launch until 2017. Echo Brickell will be completed in about 18 months, or October 2018, while Muse Sunny Isles will be completed the first quarter of 2018. Shear isn’t worried about the market slowdown because “we’re not selling anything that’s not out of the ground,” he said.