UPDATED, Oct. 22, 7 p.m.: The developers of the American Legion property in Miami’s MiMo District launched leasing of the first phase and plans to break ground on the second phase next year.
Private equity firm Asia Capital Real Estate, also known as ACRE, QuadReal Property Group, the real estate investment arm of the British Columbia public employees’ pension, and Global City Development completed the first phase apartment complex Adela at MiMo Bay.
LMC, Lennar’s multifamily property management company, will manage and lease the 236-unit, five-story, waterfront apartment complex at 6445 Northeast Seventh Avenue.
The developers received a $51 million construction loan for the project in 2018. In a lawsuit filed the following year, Berkadia alleged the developers didn’t pay a $500,000 “success fee” for Berkadia’s help with arranging the financing. Court records show the the lawsuit was dismissed in November 2019.
The developers plan to break ground on the second phase, a 248-unit apartment building planned for the adjacent 3.5-acre development site, next year. Previous plans called for nearly 500 condos and three towers, and the developers sought to gain a Special Area Plan from the city, only to later call off the plan.
The development includes a new 15,000 square-foot American Legion facility.
Adela at MiMo Bay features a swimming pool, a 3,200-square-foot fitness center and a pet spa. Apartment rents range from $1,740 for a 620-square-foot studio to about $4,055 for a 1,553-square-foot, three-bedroom, two-bathroom unit, according to an online listing.
In August, ACRE lent Wood Partners $86.3 million to refinance the loan for its 387-unit apartment complex in Midtown Miami.
Adela at MiMo Bay joins a number of newly completed apartment buildings that have started to lease up during the pandemic in South Florida. AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue, near Miami’s Edgewater neighborhood, and Miami Plaza, a 36-story, 425-unit apartment tower at 1500 Northeast Miami Place, both launched leasing since March.
In June, QuadReal partnered with LaTerra Development to invest $250 million into multifamily properties across Southern California.
An earlier version of this story did not include one of the developers.