Hines Closes Miami’s 2nd Largest Deal at $430M – Multifamily Real Estate News
A recently completed mixed-use development in Miami’s Coral Gables submarket has been the subject of one of South Florida’s biggest deals this year. Hines Global Income Trust bought the 1.2 million square foot Gables Station from co-developers Nolan Reynoldsinternational and 54 Madison Partners. According The real deal, the acquisition price was $430 million.
Gables Station was designed by people and wear it Lifelong fitness brand, which is a fully integrated healthy lifestyle company. Willowick Residential— Hines’ management company — will serve as the property manager for the asset. Cushman and Wakefield represented the seller in the transaction.
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The 14-story luxury property is located at 225 and 237 S. Dixie Highway. It includes 495 Life Time Living units, an 80,000 square foot luxury fitness space, a 25,000 square foot coworking space and approximately 100,000 square feet of retail space. Gables Station offers studio, one-, two-, and three-bedroom units, as well as penthouses, ranging in size from 436 to 1,539 square feet. According to Hines, the units are 95% leased.
Residents also have access to approximately 968 parking spaces. Other amenities include a full-service spa, three pools, bike storage, and immediate access to the Miami-Date Metrorail. The retail component will include a Trader Joe’s supermarket, an upscale Italian restaurant called Erba, and Graziano’s specialty food market. Gables Station is less than half a mile from the shops of Merrick Park, a 750,000 square foot shopping village anchored by Neiman Marcus and Nordstrom.
Hines bets big on South Florida
Gables Station was completed a year ago by the two developers. According Florida Yimby, Nolan Reynolds International first acquired the development site in 2016, for $60.3 million. The company opened Gables station in 2018, taking out a $158.4 million construction loan, provided by OZK Bank. According to Gensler, the estimated construction cost was $160 million. Gables Station is LEED certified at the Silver level.
According hines, it was the second-largest single-asset deal of the year in South Florida. The global investor has spent $1.8 billion in the region on three other developments since the start of the pandemic. Hines Global Income Trust Chairman Alfonso Munk said in a prepared statement that the investment in Gables Station is a unique opportunity to capitalize on the company’s growth strategy in South Florida’s high-barrier market. .
Like the last Matrix Yardi The Miami report shows the Metro topped $2 billion in multifamily sales activity year-to-date through April, well above last year’s performance over the same period. The average unit price exceeded $300,000, a market first. Gables Station was trading at around $868,700 per unit, making it one of the most expensive multi-family assets in the area’s history. Demand is also reflected in rental growth, as Miami led the growth nationwide with rates up 24.6% year on year through April, to $2,261, the same source said. .