Arbor Management buys multifamily dev site near Aventura for $10M
290-unit project will include over 1K sf of retail
UPDATED, May 10, 5 p.m.: Arbor Management Acquisition Company paid $10.3 million for a multifamily and retail development site near Aventura.
The New York-based firm, through its AMAC Holdings III, will develop Aventura Park in joint venture with Coral Gables-based ROVR Development on 3 acres at 17990 West Dixie Highway, according to a news release. The mixed-use project will include an eight-story, 290-unit apartment building, 1,450 square feet of retail and a six-story, 435-spot garage.
The seller, Miami Beach-based development and management-leasing firm Transamerican Development, led by Albert Benalloun, bought the land in 2015 for $6.4 million, according to a deed.
Adam Tiktin of Tiktin Real Estate Investment Services represented the seller, and Adam Freeman of Coldwell Banker represented the buyer.
Arbor Management, led by Ivan Kaufman and Maurice Kaufman, is a real estate investor founded in 2012. Its other Miami-Dade County ventures include the 402-unit Biscayne 112 project, which it completed last month in an unincorporated area between Miami Shores and North Miami. AMAC scored a $69.7 million construction loan for it in 2019.
Another project on tap in northern Miami-Dade County is Rieber Developments’ 1212 Aventura, an office, senior living and retail development in Aventura that scored a $15 million loan this year.
Nearby, in North Miami Beach, Gil Dezer plans to transform the Intracoastal Mall into a mega-project with condominium towers, a hotel, offices, retail and a harbor.