FOR IMMEDIATE RELEASE
ARA Contacts:
Avery Klann, Senior Vice President Richard Donnellan, Principal
(561) 988-8800, ext. 114 (561) 988-8800, ext. 103
ARA BROKERS SALE OF 248-UNIT PROPERTY IN MIAMI-DADE COUNTY
Boca Raton, Fla. (May 2, 2007) – The Florida headquarters of Apartment Realty Advisors announces the sale of Biscayne Beach Club, a 248-unit, garden-style apartment community located in the Kendall suburb of Miami-Dade County. Avery Klann, Senior Vice President, and Richard Donnellan, Principal, of ARA represented the seller, Miami-based Paramount Companies of Florida, and the buyer, Noah Breakstone, Principal, of BHI Developers, a Miami-based company. The property was purchased by BHI for $31,000,000 or $125,000 per unit.
Biscayne Beach Club represents a Class “B+” apartment community located in the prestigious master-planned development/subdivision known as “The Hammocks”. The Hammocks is situated in the westernmost portion of the sprawling suburb known as “Kendall”. Constructed in 1988, Biscayne Beach Club consists of 16 two-story apartment buildings plus a clubhouse/leasing center. Select unit features at the property include upgraded Stain Master carpet, private screened patios or balconies, upgraded ceramic tile and anti-stain linoleum, vaulted ceilings with ceiling fans, full-size washer/dryers and lake views. Community features include a luxurious clubhouse, 24-hour fitness center, large pool and heated spa, large sundeck and entertainment area, fully-equipped fitness and cardiovascular center, lakeside jogging trail, tennis court instructor, business and computer center, elegant clubhouse with entertainment area and continental coffee bar, volleyball court, barbecue/picnic area and laundry facilities. The most striking feature for Biscayne Beach Club is the property’s location and frontage (more than 1,500 feet) along The Hammocks Lakefront Beach and Jogging Trail.
Biscayne Beach Club enjoys an ideal location in the Kendall submarket. This highly desirable community is proximate to numerous dynamic employment markets including the Kendall office market, downtown Miami and the Airport/West Dade Office Submarket, and offers residents convenient access to major transportation corridors and a wide variety of recreational and entertainment opportunities that surround the property.
According to Klann, ARA’s Multifamily Specialist, “The Kendall area of Miami-Dade County has experienced robust growth over the past few years. As development activity has increased in Downtown Kendall, demand for apartments like Biscayne Beach Club that are suitable as affordable condominiums continues to be strong.”