MIAMI, FL - Newport Property Construction has been tapped by Starwood Capital Group to complete two South Florida multifamily renovation projects including high-end luxury apartments at the Miami Beach Roney Palace, and hundreds of units at Palm Trace Landings in Davie, Florida.
The South Florida firm was contracted by Starwood Capital Group after the leading global investment firm acquired a portfolio of 23,262 apartment units in a deal reported in October 2015. In South Florida, Starwood now owns 33 properties with 10,742 units.
“Newport Property Construction has the combined advantage of having a strong track-record in apartment repositioning, as well as experience as owners/operators of properties,” said Jose More, Director of Operations and founding partner at Newport Property Construction, Ltd. “With more than 13,000 multifamily units completed – in both high-end luxury and affordable housing - we are the ideal partner to support Starwood’s South Florida endeavors.”
Roney Palace is a 563 unit condominium attached to the One Hotel and Spa located on Collins Avenue, in the heart of Miami Beach. Newport will be renovating more than ten units for ownership with each unit’s sell price topping $1M.
Palm Trace Landings, located in Davie, Florida, is a 414 unit property that will undergo complete interior renovations that will include new kitchens, bathrooms, appliances, flooring and paint. The project will be completed in phases as tenant leases expire.
Newport Property Construction has completed hundreds of multifamily reconstruction projects in Florida alone, and has repositioned more than 13,500 units across 10 states.
Source: Starwood Capital Group / #Apartments #Multifamily