Richman Group pays $30M for development site in Edgewater

Miami /
May.May 09, 2016 08:45 AM

Multifamily developer Richman Group closed on the development site of its Biscayne 27 apartment project for nearly $30 million.

Records show Encore Capital Management, through companies tied to Nitin Motwani, sold the assemblage at 2701 Biscayne Boulevard in Miami.

Biscayne Apartments LLC, an affiliate of Richman, acquired 15 parcels between Northeast 27th and 28th streets, east of Biscayne Boulevard. They total about 93,330 square feet, or more than 2.1 acres.

In January, Richman submitted plans to the city for a 330-unit, eight-story residential project with a 380-space parking garage, the Next Miami first reported. County records show the project signed an agreement with Miami-Dade County’s Water and Sewer department in April. The project will also include 7,000 square feet of retail, Motwani said through a spokesperson.

HFF’s Jaret Turkell, Maurice Habif and Simon Banke represented Motwani and Falcone in the deal.

Boca Raton-based Encore Capital Management changed the plans from a high-rise to a mid-rise apartment complex. “The redesign and assemblage maintained the site’s density while maximizing market value, helping to attract a high-quality buyer in Richman Group,” Motwani, managing director of Encore, said in a statement provided to The Real Deal.

Altogether, the parcels last sold for a combined $16 million between 2013 and January of this year. Land prices in Edgewater have soared over the past two years, where a number of residential towers are planned or under construction.

Encore is led by co-founder and managing principal Art Falcone. Motwani and Falcone are also partners on Miami Worldcenter, a 27-acre mixed-use development in downtown Miami near Overtown. Last week, they sold a portion of the land at Worldcenter to CIM Group for $28 million, where the company will build its 43-story rental tower.

Richman is the seventh largest owner of rental apartments in the United States, according to the company. It has developed about 20,000 residential units in the country, and is in the midst of building a $47 million luxury rental project in Kendall, as well as Allapatah Trace Apartments, a planned affordable housing project in the city of Miami. Richman could not immediately be reached for comment.


Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
The sales center, David Restainer and Reid Boren

Two Roads Development lists Elysee sales center for $6M

Two Roads Development lists Elysee sales center for $6M
Aria on the Bay with Carlos Melo of the Melo Group and Bernardo Fort-Brescia from Arquitectonica

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit
Hamilton on the Bay and listing broker Rani Hussami

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater
Rendering of the project and Russell Galbut

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

Crescent Heights hits a snag with plan to develop high-rise Edgewater project
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...