MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented a fund operated by Encore Capital Management in the sale of a 2.2-acre, fully-approved land site in Miami. In addition to the sale, HFF assisted the purchaser in raising joint venture equity for the development of a 330-unit mixed-use multi-housing and retail project on the site.
HFF marketed the land on behalf of the seller, Encore Housing Opportunity Fund, one of three funds operated by Encore Capital Management. The Richman Group Development Corporation (Richman), a subsidiary of The Richman Group of Florida Inc., purchased the site free and clear of debt. Additionally, HFF assisted Richman in identifying and securing Invesco Real Estate as their joint venture development partner.
The development site is located at 2701 Biscayne Boulevard with more than 200 feet of frontage along Miami’s coveted Biscayne Boulevard in the Edgewater District.
The HFF investment sales team representing Encore Housing Opportunity Fund was led by managing director Jaret Turkell and associate director Maurice Habif.
HFF’s equity placement team was led by Turkell and Habif along with managing director Chris Drew.
“This property is positioned in the heart of Edgewater at the intersection of Miami’s most exciting neighborhoods: Wynwood, Midtown Miami and the Design District,” said Turkell. “The long-term growth prospects are phenomenal for this area as young renters flock to this area – it has rapidly become the trendiest part of town.”
About Encore Capital Management: Encore Capital Management (“Encore”) is a diversified, vertically integrated, real estate investment and development firm. Encore utilizes its breadth of development experience and expertise to invest in distressed and opportunistic properties, multifamily apartments, large master-planned residential and resort communities, and high barrier to entry urban infill projects. Including current and exited projects, Encore is developing more than 15,000 rental apartments, homes for sale and residential lots with estimated gross revenue of approximately $4 billion. Encore manages over $1 billion across three funds and several investment vehicles.
About The Richman Group of Florida Inc. The Richman Group of Florida Inc. is an affiliate of Greenwich, Connecticut-based The Richman Group and, in 2016, was ranked by Multifamily Executive as the seventh largest owner of multifamily rental apartments in the U.S. Richman and its affiliates have developed nearly 20,000 residential units and has owned or asset managed more than 100,000 units.
About Invesco Real Estate: Invesco Real Estate is a global leader in the real estate investment management business with over $67.7 billion in real estate assets under management, 444 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $771.5 billion in assets under management and on-the-ground presence in 25 cities worldwide. Information as of March 31, 2016.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.