Trophy Bayfront Miami Beach Multifamily Site Has New Owner
- Apr 04, 2014
The Boca Raton office of ARA announced the sale of a 1.1-acre waterfront development site at 6800 Indian Creek Drive in Miami Beach. The company spoke for the seller, Miami-based Windsor Capital, in the transaction.
Headquartered in Atlanta, ARA is a full-service investment advisory firm that is involved in the brokerage, financing and capital sourcing of multifamily properties. The assets ARA is focused on include conventional, affordable, distressed properties, notes sales, seniors, student and manufactured housing and multi-housing land. Over the past year, the company achieved a production volume of more than $10.2 billion in real estate transactions.
The land, which was sold for $11,250,000 to a private real estate investment group, was previously approved for an 80-unit, 14-story residential building with 18 proposed boat slips.
Troy Ballard, lead advisor on the transaction considers the latter feature an exceptionally important one.
“New marina approvals are extremely challenging. This makes boat slips a rare commodity,” he says.
Being one of the last waterfront residential locations that remained undeveloped in in this favored part of Miami Beach, the site takes pride in clear views of both the downtown skyline and Biscayne Bay. Its access to the beach, proximity to South Beach and Lincoln Road Mall, entertainment and shopping districts, numerous restaurants and a grocery store also earned the property a WalkScore of 83.
Image of downtown Miami skyline, courtesy of LonnyPaul via Wikimedia Commons