Kushner Companies and PTM Partners closed on the missing piece of their development site for apartment towers in an Opportunity Zone in Miami’s Edgewater, The Real Deal has learned.
New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, announced plans for 2000 and 1900 Biscayne Boulevard in Miami nearly three years ago. Last year, Kushner closed on the first piece at 2000 Biscayne Boulevard for $20.5 million.
The firm, along with PTM, just paid about $37.6 million for the 1.5-acre property at 1900 Biscayne Boulevard and 221 Northeast 19th Street, sources said. Investor Enrique Manhard and his partners sold all three properties. That means Kushner and PTM paid $58.1 million for the entire assemblage, totaling about 2.3 acres.
Estrella Perez of EP Realty Group represented the buyer and seller in both sales.
In November, Kushner brought on PTM Partners, an Opportunity Zone-focused real estate development company based in Miami, as a 50-50 partner in the three-tower planned development that will have about 1,300 apartments and will be built in phases. That announcement followed Kushner securing two loans totaling $127 million for the project from Valley National Bank and AIG Asset Management.
PTM, led by Nicholas Pantuliano, Michael Tillman and Scott Meyer, recently announced that it raised about $150 million for its second qualified Opportunity Zone fund that will be used in part to develop the Edgewater project.
The 1900 Biscayne site will be home to two towers with about 900 apartments, and the 2000 Biscayne site will have one 36-story tower with about 420 units. The project will also have retail space.
Leasing of the first building at 2000 Biscayne could begin in the first quarter of 2023, and the building is expected to be completed by the first quarter of 2024, the developers said last year. Construction began in December, records show.
South Florida’s multifamily market has been on fire, with rents and occupancy rising over the past year, making Miami one of the most expensive rental markets in the country.
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The acquisition closely follows Kushner and Aimco’s purchase of the development site of their mega project in Fort Lauderdale. Kushner obtained approvals for a 3 million-square-foot multi-tower development in May of last year, and later brought on Denver-based Aimco as a 51 percent partner. They just paid $49 million for the properties at 200, 300 and 520 West Broward Boulevard.
Kushner is also building the mixed-use Wynd 27 and Wynd 28 developments in Miami’s Wynwood with its partner Block Capital Group.