HFF Arranges 2.2-Acre Land Sale, Secures JV for Mixed-Use Project Development

HFF represented the seller in the development site sale, and secured the JV equity to build a multi-housing/retail project.

By Robert Demeter

2.2-acre Development Site (marked with yellow)
Development Site (Marked with Yellow)

MiamiHFF recently announced that the company represented a fund operated by Encore Capital Management, a real estate investment and development firm, in the sale of a fully-approved, approximately two-acre land site in Miami. In addition to the sale, HFF assisted the buyer in raising joint venture equity for the development of a mixed-use, 330-unit multi-housing and retail project on the site.

The Richman Group Development Corporation, a subsidiary of The Richman Group of Florida Inc., which is an affiliate of Greenwich, Connecticut-based The Richman Group, purchased the site free and clear of debt, with the sale price remaining undisclosed.

HFF marketed the land on behalf of the seller, Encore Housing Opportunity Fund, one of three funds operated by Encore Capital Management. Additionally, HFF assisted Richman in identifying and securing their joint venture development partner, Invesco Real Estate, a real estate investment management company.

HFF’s equity placement team was also led by Managing Director Jaret Turkell and Associate Director Maurice Habif along with Managing Director Chris Drew. The HFF investment sales team representing Encore Housing Opportunity Fund was also led by Turkell and Habif.

The development site is located at 2701 Biscayne Boulevard, and features more than 200 feet of frontage along Biscayne Boulevard in the Edgewater District.

“This property is positioned in the heart of Edgewater at the intersection of Miami’s most exciting neighborhoods: Wynwood, Midtown Miami and the Design District,” said Turkell. “The long-term growth prospects are phenomenal for this area as young renters flock to this area – it has rapidly become the trendiest part of town.”

Courtesy Image.