MIAMI, FL - National real estate firm AMAC (Arbor Management Acquisition Co.) announced the acquisition of a prime North Miami Beach parcel spanning nearly three acres, at 17990 West Dixie Highway, for $10.3 million. The purchase, which closed this month in an all-cash transaction, paves the way for the planned development of a luxury, mid-rise multifamily building to encompass 290 units. The seller is Transamerican Development Corp.
Overlooking the Oleta River and Greynolds Park, the property affords open, lush vistas of the surrounding landscape, with frontage on a major thoroughfare that provides convenient access to nearby retail, such as Aventura Mall. The eight-story building will present an impressive amenity program, including a parking garage, pool deck, large fitness center, social lounge, media room, library & study area, co-working business center, outdoor grilling areas, and storage units.
“This is an ideal asset to introduce a unique, luxury apartment living experience with water views, while capitalizing on the strong market fundamentals of North Miami Beach,” said Maurice Kaufman, founding principal of AMAC. “Following the successful delivery of Biscayne 112 in April, this project continues our vision of bringing attainable, modern housing opportunities to South Florida.”
AMAC will be developing the property along with Miami-based real estate development firm ROVR Development. “Our joint venture to develop this project unites a strong team with a successful track record in the multifamily sector,” said Oscar Rodriguez, principal of ROVR Development. “Market conditions are ripe for this product, especially on a riverfront parcel; we are confident it will be well received by future tenants.”
With an impressive portfolio of multifamily projects, AMAC and ROVR Development are also behind the recently completed Biscayne 112, a 402-unit multifamily property in North Miami. The newly-opened project boasts an extensive collection of amenities and a large courtyard covering more than one acre of land that includes a resort-style pool with private cabanas.
AMAC is a national commercial real estate investment, development, and operating firm based in New York. Founded in 2012 by Ivan Kaufman and Maurice Kaufman, the firm has acquired or developed approximately $2 billion in real estate. AMAC is predominantly focused on the multifamily sector, where it invests in core, value-add and ground-up development opportunities.
ROVR Development currently holds a portfolio of more than $400 million of real estate under development in South Florida. Encompassing diverse development disciplines and extensive market knowledge, the firm’s track record spans from high-end residential to multifamily assets. This includes the luxury, boutique waterfront condominium development in Coconut Grove – The Fairchild – and Grand Station Apartments in Downtown Miami.
About AMAC: AMAC (Arbor Management Acquisition Co.) is a national real estate investor with a long-term opportunistic focus in commercial real estate, founded by Ivan Kaufman and Maurice Kaufman. The firm is part of The Arbor Family of Companies, which was founded three decades ago on the principles of hard work and discipline. AMAC's entrepreneurial spirit and strong capital commitment have allowed for the successful execution on a wide variety of investment opportunities. For more information, visit www.amacholdings.com
About ROVR Development: Led by Oscar Rodriguez and Ricardo Vadia, ROVR Development is a Miami-based real estate investment and development company with diverse disciplines in residential and commercial real estate. The firm has developed more than $400 million in South Florida real estate since its founding in 2015, while the founders’ partnership, spanning more than 35 years, has cultivated a development collaboration exceeding $1 billion. ROVR Development focuses on targeting high, value-add opportunities in high-barrier-to-entry markets. For more information, visit www.rovrdev.com