CHICAGO, IL - Waterton Associates announced the recent off-market acquisition of Watermarke at Biscayne Apartments, a 402-unit community located in North Miami, FL. Watermarke at Biscayne is the eighth multifamily asset purchased by Waterton this year.
Watermarke at Biscayne is a class-B mid-rise community with 402 apartments consisting of studio, one and two bedroom garden style units. Watermarke at Biscayne is located immediately west of the Northeast 123rd Street and Biscayne Boulevard intersection, a main node between the affluent areas of Aventura and Bal Harbour. Biscayne Boulevard is the major north/south thoroughfare of North Miami dominated by commercial uses including retailers, major restaurants, and office space.
The property is located in an area in the early stages of gentrification through various development projects. Immediately east of Watermarke at Biscayne along northeast 123rd Street is a recently developed, 2009, class-A mixed-use office and retail space building, Causeway Square, consisting of 285,283 square feet of office and retail space. Directly across the street from the property, along Northeast 16th Avenue, is a construction site that is currently building a new Whole Foods Market, planned for a spring 2013 opening.
"Waterton is pleased with the recent closing of Watermarke at Biscayne in North Miami, which further underscores our belief in the positive outlook for multifamily in South Florida," states Max Peek, Senior VP of Acquisitions, Waterton Associates. "We plan to begin a renovation program that will modernize unit finishes allowing the property to truly exceed its immediate competitive set within the submarket."
Watermarke at Biscayne has many positive existing physical qualities that will help the asset compete with higher-end comparable communities. Watermarke features include well-designed floor plans, large balconies and patios, large walk-in closets, and a number of common area amenities such as two swimming pools, tennis courts, laundry facilities, and fitness center. Currently, within the North Miami submarket, the property competes with similar vintage mid- to high-rise assets that offer similar interior unit finishes and community amenities. Watermarke at Biscayne's physical qualities combined with convenient and visible location will be well complemented by a renovation program that upgrades the interior units as well as common area amenities.
Waterton closed Watermarke at Biscayne Apartments transaction on October 22, 2012 and plans a full interior and exterior renovation program.
Chicago-based Waterton Associates, one of the leading multifamily companies in the nation, is focused on the acquisition of apartment communities in multiple markets to which it can add value through repositioning and renovation.