The multifamily market is going so gangbusters that developers that have never built apartments in South Florida now are embarking on their first projects.
Las Vegas-based Schulman Properties plans a four-building rental and townhouse complex on land it bought at 190 Northwest 162nd Street, according to a news release. It paid $5.3 million for the 4-acre site in unincorporated Miami-Dade County near the Golden Glades Interchange.
Schulman plans 62 apartments and 38 townhouses, in part targeting families that need bigger homes, according to the release. The one- and two-bedroom rentals will range from 790 square feet to 1,095 square feet. The townhouses will be larger, with four bedrooms, three bathrooms and 1,810 square feet. They also will be rentals.
The property has site plan approval for multifamily, according to the release.
Seller AR190 NMB, with Hollywood-based accountant Ronny Ackermann as general partner, bought the site in 2018 for $1.1 million, records show.
Matthew Rotolante and Matthew Jacocks of Lee & Associates South Florida brokered the deal on behalf of the seller and buyer.
Although this is Schulman’s first ground-up rental project in the region, it has invested in existing apartment properties here in the past.
In June, it sold two apartment buildings in Oakland Park and another in Fort Lauderdale to Seattle-based investors for $7.25 million.
In its other South Florida development plans, Schulman is about to start building a 163,660-square-foot self-storage facility with 1,081 climate-controlled units at 15699 West Dixie Highway in North Miami Beach, according to the release. It bought the land in July for $5.3 million.
Schulman, led by Robert Schulman and Brian Burdzinski, develops single-family homes, as well as retail, industrial, multifamily, hotel and office projects, according to its website.
The steep demand for apartments in South Florida has led to rent hikes, prompted developers to start new projects and loosened construction lending.