Hines sells Aviva Coral Gables apartments for $100M

Aviva, about 95 percent leased as of April, sold for about $362,000 per apartment

Jun.June 27, 2017 09:45 AM

Aviva Coral Gables and Jeffrey Hines, president and CEO of Hines

Houston, Texas-based Hines just sold a recently completed apartment complex near Coral Gables for $100 million to the Berkshire Group.

Property records show Ponce & Bird Miami Development LLC sold the 276-unit Aviva Coral Gables at 3880 Bird Road to Delaware entities managed by Boston-based Berkshire, BIR Coral Gables I LLC and BIR Coral Gables II LLC.

Aviva, completed in 2015 and about 95 percent leased as of April, sold for about $362,000 per unit. No financing was recorded. ARA Newmark’s Hampton Beebe, Avery Klann and Jon Senn brokered the deal.

Hines REIT has an 83 percent interest in the selling entity, and the other partner is a Hines affiliate, according to Real Capital Analytics. As of the company’s most recent quarterly SEC filing, Hines still had about $42.7 million left on the mortgage, which was set to mature July 10. The real estate investment and development firm built Aviva.

The eight-story apartment building was developed on a nearly 10-acre site just east of the Shops at Merrick Park in Coral Gables. Amenities at Aviva include an inner courtyard with a pool, parking garage, a fitness center and outdoor community kitchen.

That stretch of Bird Road is also home to Mill Creek Residential’s two-phase Modera Coral Gables apartments.

Developers this year are expected to deliver 15,200 new apartments across South Florida, including 5,700 units in Miami-Dade County, according to Marcus & Millichap. Experts predict that luxury rents will fall as individual investors, part of the shadow market, put their condos on the market to rent.

Berkshire could not immediately be reached for comment. The real estate investment management company, which focuses on multifamily, manages about $7 billion in properties on behalf of its institutional clients, according to its website.

Hines announced last month its plans to develop 110 Tenth Street, a 45-story office tower at Miami Worldcenter. Michael Harrison, Hines senior managing director, could not immediately be reached for comment.

Harunobu Coryne contributed reporting.


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