13th Floor Investments, in partnership with Tricera Capital and Wexford Capital, acquired a 2.2 acre development site along the MiMo corridor on Biscayne Boulevard in Miami, Florida in June 2017. The site is currently being developed into The Boulevard, a 294-unit mid-rise luxury multifamily building with approximately 27,000 square feet of ground floor retail. Tricera Capital, with their extensive retail experience in the South Florida market, will be instrumental in creating a retail destination for the local community and future residents.
This transaction is in line with our general view that investors are getting paid favorable risk-adjusted returns for class A multifamily development in prime locations. 13th Floor Investments is eager to expand its presence in the burgeoning MiMo/Biscayne corridor that continues to grow as a top destination for affluent families and new retail concepts.
Source: 13th Floor Investments