AMAC and ROVR Development broke ground on a 180-unit multifamily project in Hollywood having secured $41 million in construction financing.
Ocean Bank provided the loan to the joint venture, according to a press release. New York-based AMAC and Miami-based ROVR are developing the eight-story Griffin 441 at 4465 Griffin Road with a target completion date of 2024. Griffin 441 will offer a mix of studio, one-, two-, and three-bedroom apartments, the release states.
In February, the partnership paid $6.6 million for the 2.2-acre property, records show. AMAC is led by founders Maurice and Ivan Kaufman, and ROVR Development is led by principals Oscar Rodriguez and Ricardo Vadia.
Both firms are joint venture partners in other South Florida multifamily developments. AMAC And ROVR recently started construction at Arvella Apartments, a 290-unit apartment building in Aventura, the release states. The project also has 1,450 square feet of retail and a six-story, 435-spot garage. The partnership paid $10.3 million for the 3-acre development site last year and also expects to complete Arvella Apartments in 2024.
Near North Miami, AMAC and ROVR recently completed Biscayne 112, an eight-story multifamily building with 402 apartments.
South Florida is booming with new multifamily development even as the once-super-hot rentals market is cooling off a bit, according to a Cushman & Wakefield mid-year report. During the first six months of the year, the vacancy rate in Broward climbed to 4.4 percent from 3.5 percent compared to the same period last year.
In Palm Beach County, the vacancy rate rose to 6.4 percent during the first half of this year compared to 4.5 percent during the same period last year. In Miami-Dade, the vacancy rate remained unchanged at 3 percent, the report states.
Developers are expected to deliver 10,473 multifamily units by the end of the year, but absorption will lag behind, resulting in a marginal increase in apartment vacancies across the tri-county region, Cushman found.
Funded developments like Griffin 441 may see less competition as new construction starts “are likely to notably decrease” because developers will find it “more challenging” to obtain loans, the report states.