Financial Giant Citadel Moving Global HQ to Miami
Financial power house Citadel is moving its corporate global headquarters from Chicago to Miami, the firm announced. The company, led and founded by Ken Griffin, is the latest financial firm to land in the Magic City in wake of the pandemic. “Miami is a vibrant, growing metropolis that embodies the American Dream – embracing the […]
Blackstone Affiliate Closes on $291M Deal for Former Race Track in Miami to build Logistics Center
Blackstone’s plans for a $700 million distribution project in Miami Gardens are moving forward. Race-track operator Churchill Downs said this week that it recently sold 115.7 acres to the investment giant for $291 million. The deal for the site of the former Calder Race Course was announced in November 2021. New York-based Link Logistics, a […]
South Florida Home Prices Climb 1.7% in May Despite Interest Rate Hikes, Miami Apartment Rent up 41% YoY
Despite rising interest rates and fears of a coming recession, South Florida’s housing market remained resilient in May. The number of single-family and condominium sales dropped overall, compared with the previous month, but prices grew by at least 1.7 percent for property types across Miami-Dade, Palm Beach and Broward counties, according to the latest report […]
weAimco-Related REIT Buys 296 unit Miami Apartment Tor for $211M / $712K per unit
AIR Communities dropped $211 million for a Miami apartment tower, a sign of investors’ continued appetite for Miami residential properties despite growing fears of a recession. The property, previously known as Modera Biscayne Bay, features 296 apartments within a 28-story building. The 570,694-square-foot tower sits in the heart of Miami in the Edgewater neighborhood, just […]
Redfin Reports Miami and Tampa Are the Most Popular Destinations For Relocating Homebuyers
Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While that’s unchanged from the record set in the first quarter, it’s up from about 26% before […]
JSB Capital Group Buys Broward Multifamily 420 unit Complex for $150M
Frankforter Group sold a Broward County multifamily complex for $150 million, property records show. The 11-acre development, The Pacific Point Apartments, contains 420 apartments across 21 three-story buildings. Monthly rental rates range between $1,858 and $2,682, according to Apartments.com. The property — which the Baltimore-based company renamed VIVA Luxury Apartments — is at 3700 Pacific […]
JDS Nabs $86M To Begin Massive Mixed-Use Brickell Project
JDS Development Group‘s massive mixed-use project in Miami’s Brickell district is getting underway after the company secured financing. The New York-based developer scored $86 million in acquisition and early-stage construction financing for 1 Southside Park, the firm announced. SEE ALSO: Fed’s Biggest Interest Rate Hike in Decades Removes Some Uncertainty Facing CRE The 64-story development […]
Multifamily Rent Growth Continues To Defy Gravity
Multifamily rent growth continued its strong run in May even as year-over-year rent growth decelerated slightly to 13.9 percent. However, demand remains robust and regionally broad-based, according to Yardi Matrix in its May multifamily report. “Multifamily rents continue to defy gravity, increasing a robust $19 in May to a U.S. average of $1,680,” the report […]
PMG Plans 803 unit Miami Residential Complex On $58M Lot
Property Market Groups (PMG) and Sentral are moving forward with their massive residential project in Miami’s Brickell district, after closing on a land acquisition. PMG paid $58 million for a 1.15-acre site at 130 SW 8th Street, just west of the Metrorail track, according to property records. The seller, private investor Jose Rasco, assembled the […]
InterSystems Founder Buys $100M+ in FL Real Estate
Phillip Ragon, the founder of software company InterSystems, purchased three homes in Golden Beach, FL, to the tune of $93 million, just one year after buying a separate property in the area for an additional $20 million. Sun and fun: Two of the three Golden Beach homes have already closed, with the third set to […]