Richman Group pays $30M for development site in Edgewater

Developers submitted plans for a 330-unit, eight-story building earlier this year

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.

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