AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan.
New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean Bank. The property is along the Oleta River, across from Greynolds Park.
Eddie Diaz led the Ocean Bank team that arranged the financing.
Aventura Park, designed by the architecture firm Anillo. Toledo. Lopez, will include a pool, gym and spa, as well as a six-story building with a 439-space garage. Medley-based Delant Construction is the general contractor.
Construction is expected to be completed in early 2024, according to the release.
An entity tied to AMAC bought the almost 3-acre vacant development site last year for $10.3 million.
AMAC Holdings is a real estate investor founded in 2012 by Ivan Kaufman and Maurice Kaufman, with Maurice Kaufman subsequently forming the multifamily construction arm, AMAC Development, according to the company’s website. AMAC has bought and built more than $2 billion worth of apartment properties in New York, Florida, Texas, Maryland and the Carolinas.
ROVR, founded in 2015 and led by Oscar Rodriguez and Ricardo Vadia, has more than $700 million in real estate either under development or slated for construction in Miami-Dade and Broward counties, according to ROVR’s website.
In another AMAC and ROVR joint venture, they plan an eight-story, 180-unit apartment project at 4465 Griffin Road in Hollywood. AMAC, through an affiliate, paid $6.6 million for the 2.2-acre development site in February.
The South Florida multifamily market has been prospering because of high demand and skyrocketing rents, prompting a flurry of investment and development activity.
Aventura and surrounding areas have captured some of the new construction. Developer Dan Kodsi, through his Miami-based Royal Palm Companies, plans a major mixed-use project with apartments, offices, and high street retail in Aventura. In February, Royal Palm paid $39.1 million for a 9.6-acre site on the northwest corner of Biscayne Boulevard and Northeast 213th Street that will be part of the assemblage. While project details are yet to be hammered out, the overall site has approval for 1.3 million square feet of real estate, Kodsi said at the time.
Nearby, Ram Realty Advisors and Pinnacle plan a 285-unit apartment building with 36 workforce units at 19640 West Dixie Highway in Ojus, near the future Brightline passenger train stop. They paid $15.4 million for the site in January.