NEW YORK, NY - AREA Property Partners has closed on the acquisition of Terrazas River Park Village, a 324-unit Class A property along the Miami River. The property is located at 1861 N.W. South River Drive. The value of the off-market transaction was not disclosed. AREA intends to lease the property as high quality apartments. The property was built as for-sale condominiums and will therefore offer tenants superior finishes and amenities at competitive rental price points. Leasing began at Terrazas in mid-July and almost all available inventory has been leased.
Source: AREA Property Partners
The property is located near Miami's major employment centers, including the Miami Medical Center, which has experienced unprecedented growth in recent years. A limited pipeline of rental inventory, coupled with improving demographic trends, supports strong apartment fundamentals in the Miami area.
"AREA's attractive basis well below replacement cost will allow us to benefit from our repositioning efforts and overall improvement in market fundamentals," said Richard Mack, North America chief executive officer of AREA.
AREA invested in the distressed property in partnership with Wood Partners, a national multifamily company which has developed and managed more than $4.5 billion in real estate since its founding in 1998.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, London, Paris, Luxembourg and Mumbai.