MIAMI, FL - PREMIUM sells FIRST Apartments, a 194-unit luxury apartment community ideally located less than a mile from Downtown Miami and Brickell in up-and-coming East Little Havana, for $92,000,000 to Lloyd Jones, a real estate investment firm headquartered in Miami, FL. Walker & Dunlop, Inc brokered the sale.
Construction of the high-end and modern FIRST Apartments project started in March 2020 and was successfully completed as early as fall 2021.
Building on more than 25 years of real estate experience in the European market, PREMIUM Development Inc. was founded in 2017 as the U.S. office of the PREMIUM Group. By tapping into local market expertise, PREMIUM Development Inc. leverages the experience, philosophy, and development values of the PREMIUM Group to identify and develop multifamily projects in urban cores.
"The impressive lease-up performance is a testament to the asset's appeal and prime location, proximate to key demand drivers, entertainment venues, and transit routes," said Roger Karré, COO of PREMIUM Development Inc.
Developed with incredible attention to detail and a focus on smart design, FIRST Apartments is the premier luxury rental option in East Little Havana. The community features spacious, luxuriously appointed apartment homes that are complemented by an excellent amenity package, including health club quality fitness facilities, a resort-style lap pool, and an expansive bark park.
FIFTEEN, another PREMIUM project near the Miami Health District, offering 132 apartment homes within nearly 100.000 sf, will be completed in early 2023.
PREMIUM Development Inc. also bought the 2.3-acre property at 700 West Flagler Street from Presidente Supermarkets just across from FIRST Apartments in 2021. There PREMIUM will develop SON VIDA, a residential building with 375 apartments on up to 16 floors.