Key Takeaways
- • Alpaca Real Estate and Phoenix Realty Group announced that a joint venture between the two firms has acquired Bay Pointe, a 269-unit, seven-story multifamily community in Miami's South Kendall submarket.
- • The 2024-vintage property is 95% leased following recent completion of lease-up, and Willow Bridge will serve as property manager to stabilize the asset.
- • The acquisition targets middle-income renters in high-growth South Florida markets, with Alpaca's data-driven platform identifying the acquisition basis and yield as attractive.
- • Phoenix Realty Group, founded in 1999, brings more than 25 years of multifamily experience and a portfolio of over 200 properties and 26,000 units, with more than $5 billion in gross real estate value.
Summary
Alpaca Real Estate (ARE) and Phoenix Realty Group (PRG) announced that a joint venture between the firms has acquired Bay Pointe, a 269-unit, seven-story multifamily community located in Miami's South Kendall submarket, according to a Business Wire release. The property is a 2024-vintage asset adjacent to Palmetto Bay, with direct access to U.S. 1 / South Dixie Highway and Florida's Turnpike. The release did not disclose the purchase price.
Bay Pointe offers modern residences and a full amenity package, including a resort-style pool, 24-hour fitness center, business center, resident lounge and gated garage parking. In-unit features include quartz countertops, stainless steel appliances, 36-inch cabinets, in-unit washer/dryer and hard surface flooring throughout. The property recently completed lease-up and is 95% leased. The joint venture will engage Willow Bridge as property manager to stabilize the asset and deliver a high-quality resident experience.
Daniel Carr, Co-Managing Partner of Alpaca Real Estate, said the firm's data-driven investment platform, which evaluates hundreds of similar development and existing assets, identified the acquisition basis and outsized yield as particularly attractive. He said the firm plans a focused stabilization plan that enhances operations and expands access to naturally occurring affordable housing. Keith Rosenthal, Co-Founder, Chief Executive Officer and President of Phoenix Realty Group, said the deal fits the firm's strategy of investing in well-located multifamily communities where disciplined operations can create durable value, and noted PRG's local South Florida experience and operating platform.
Alpaca Real Estate describes itself as a private equity real estate firm focused on U.S. investing that pairs an institutional investment team with a proprietary, AI-enabled data platform. Phoenix Realty Group, founded in 1999, is a national multifamily fund manager, investor, operator and developer with personnel and operating capabilities across New York, California and Florida. Its experience spans value-add, affordable housing and new-construction strategies.
Bay Pointe offers modern residences and a full amenity package, including a resort-style pool, 24-hour fitness center, business center, resident lounge and gated garage parking. In-unit features include quartz countertops, stainless steel appliances, 36-inch cabinets, in-unit washer/dryer and hard surface flooring throughout. The property recently completed lease-up and is 95% leased. The joint venture will engage Willow Bridge as property manager to stabilize the asset and deliver a high-quality resident experience.
Daniel Carr, Co-Managing Partner of Alpaca Real Estate, said the firm's data-driven investment platform, which evaluates hundreds of similar development and existing assets, identified the acquisition basis and outsized yield as particularly attractive. He said the firm plans a focused stabilization plan that enhances operations and expands access to naturally occurring affordable housing. Keith Rosenthal, Co-Founder, Chief Executive Officer and President of Phoenix Realty Group, said the deal fits the firm's strategy of investing in well-located multifamily communities where disciplined operations can create durable value, and noted PRG's local South Florida experience and operating platform.
Alpaca Real Estate describes itself as a private equity real estate firm focused on U.S. investing that pairs an institutional investment team with a proprietary, AI-enabled data platform. Phoenix Realty Group, founded in 1999, is a national multifamily fund manager, investor, operator and developer with personnel and operating capabilities across New York, California and Florida. Its experience spans value-add, affordable housing and new-construction strategies.
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