UPDATED, Sept. 22, 4:12 p.m.: Florida East Coast Industries is looking to take advantage of the hot multifamily market by listing the luxury apartment towers at Brightline’s MiamiCentral station for $500 million.
ParkLine Miami, an 816-unit, two-tower development at 100 Northwest Sixth Street, hit the market with a Cushman & Wakefield team led by Robert Given and Troy Ballard, according to a press release. The buildings are above the MiamiCentral station, which includes retail space.
The listing is one of the largest apartment listings in South Florida and throughout the Southeast.
Leasing began early last year, and the 44-story and 47-story buildings are now more than 90 percent leased, with average monthly rents of $3.28 per square foot, or nearly $3,000 per unit, according to a spokesperson.
ParkLine MiamiCentral (Miranda Kruse of Miss Takes)
Amenities include a 2-acre amenity deck, pool and Jacuzzi, cabanas and day beds, a lap pool, a movie theater, a 3,500-square-foot gym, and a running track. The buildings also feature outdoor dining areas with grills, a dog park and a pet spa, a business center, club room and bike storage.
Investor demand for South Florida multifamily properties remains strong, particularly among out-of-state buyers. In August, Cortland bought the seven-building Uptown Boca for $230 million, marking the priciest sale of the year. It was 99 percent leased when the deal closed.
Parkline Miami is part of a larger mixed-use development that includes additional retail, a 26,000-square-foot food hall by Sam Nazarian’s C3, and two office buildings.
In 2019, the company sold the office portion of the development, 2 and 3 MiamiCentral, to Shorenstein Properties for $159.4 million. In March, Shorenstein sold the buildings to Blackstone Group for $230 million.
Miami-based FECI, which is owned by private equity funds managed by affiliates of Fortress Investment Group, recently secured $200 million in new financing tied to seven redevelopment properties near Brightline stations in downtown Miami and downtown Fort Lauderdale.
Brightline is expanding with stations in Aventura and Boca Raton that are expected to open next year. The rail service also expects to complete the Orlando leg of construction by the end of next year.
Brightline suspended operations between downtown Miami, Fort Lauderdale and West Palm Beach at the beginning of the pandemic and plans to resume train service in early November.
This story has been updated to clarify that only the multifamily towers are for sale.