ParkLine Apartments in Brightline Miami for Sale
Florida East Coast Industries is looking to capitalize on the trending multi-family market by listing luxury apartment towers from Brightline Station to MiamiCentral for $ 500 million.
ParkLine Miami, an 816-unit two-tower development located at 100 Northwest Sixth Street, has been marketed with a team from Cushman & Wakefield led by Robert Given and Troy Ballard, according to a press release. The buildings, above MiamiCentral Station, include approximately 500,000 square feet of retail space under construction.
The listing is one of the largest apartment listings in South Florida and throughout Southeast.
Leasing began early last year and the 44 and 47 story buildings are now over 90% leased, with average monthly rents of $ 3.28 per square foot, or nearly $ 3,000 per unit. , according to a spokesperson.
Amenities include a 2-acre deck, pool and jacuzzi, cabanas and day beds, lap pool, movie theater, 3,500 square foot gym, and running track . The buildings also have outdoor dining areas with grills, a dog park and pet spa, a business center, club room and bicycle storage. .
Investor demand for South Florida multi-family properties remains strong, particularly among out-of-state buyers. In August, Cortland bought the seven Uptown Boca buildings for $ 230 million, marking the most expensive sale of the year. It was 99% leased at the close of the deal.
Parkline Miami is part of a larger mixed-use development that includes additional retail, a 26,000 square foot food hall by Sam Nazarian’s C3 and two office buildings.
In 2019, the company sold the office portion of the development, 2 and 3 MiamiCentral, to Shorenstein Properties for $ 159.4 million. In March, Shorenstein sold the buildings to Blackstone Group for $ 230 million.
Miami-based FECI, which is owned by private equity funds managed by subsidiaries of Fortress Investment Group, recently secured $ 200 million in new financing related to seven redevelopment properties near Brightline stations downtown from Miami and downtown Fort Lauderdale.
Brightline is expanding with stations in Aventura and Boca Raton slated to open next year. Rail service also plans to complete the construction phase of Orlando by the end of next year.
Brightline has suspended operations between downtown Miami, Fort Lauderdale and West Palm Beach at the start of the pandemic and plans to resume rail service in early November.