Hines sells Aviva Coral Gables apartments for $100M

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

Miami /
Jun.June 27, 2017 09:45 AM

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.

 

Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Back to school: Aging college campuses draw developers
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
From left: Hines' Jef­frey Hines and Alfonso Munk; Nolan Reynolds International’s Charles Nolan Jr.; 54 Madison Partners’ CEO Henry Silverman; Nolan Reynolds International’s Brent Reynolds; and the Gables Station at 235 and 237 South Dixie Highway in Coral Gables (Hines, Getty Images, Nolan Reynolds International, Gables Station Miami)
Hines pays $430M for mixed-use Gables Station
Hines pays $430M for mixed-use Gables Station
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
 Hines' Jeffrey Hines and Robert A.M. Stern with West Palm Beach ( The Boundary with Noë & Associates, iStock)
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
arrow_forward_ios

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

Loading...