1951 NW South River Drive | Miami, FL 33125
A 199-unit luxury high rise development strategically located next to Miami's biggest office hubs
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Quick Stats
±22.45 Units Per Acre
DENSITY
±1.47 Acres
PARCEL SIZE
1,531
Apartment
Homes Avg SF
2016
BUILT
UNITS
199
Unit Size
1,151 SF
Average Rents
$2,788
The Opportunity
Berkadia Institutional Solutions is pleased to present the opportunity to acquire Pier 19, a 199-unit luxury high rise built in 2011, fronting the Miami River and located directly next to the Dolphin Expressway. In addition, the property allows for 116 additional residential units to be developed, as well as a marina with nine boat slips.
Given the property’s location fronting a major highway, residents can enjoy a 10-minute commute to Downtown Miami and Wynwood. Within 20 minutes, over 50 million square feet of office can be reached. The property is located five minutes away from Miami's Health District, the second largest health district in the United States. The variety of employment hubs that are accessible from the property, offer residents a true live-work-play lifestyle, surrounded by endless entertainment.
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Access to Major Employment Hubs:
Pier 19’s central location in Miami-Dade County, and its frontage on Dolphin Expressway, offers residents convenient access to Miami’s Health District within five minutes driving, Downtown Miami, Brickell and Wynwood within ten minutes, and Coral Gables, Dadeland, and Doral within 20 minutes. This adds up to over 50 million square feet of office.
Investment Highlights
Ideally Located Right Outside of Urban Miami:
Ideally Located Within Urban Miami: the location has grown to become part of Urban Core of Miami. The property is uniquely positioned to benefit from the skyrocketing rents in Downtown Miami, Brickell, and Wynwood. Even when adjusted to market rents, Pier 19 is a value proposition within the Miami market.
Unique Product:
Units feature expansive layouts and upscale design. The property boasts stunning views of the Miami skyline and luxurious amenities, including a fully equipped gym and resort-style pool.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Jaret Turkell
Senior Managing Director
561.573.6140
jaret.turkell@berkadia.com
Roberto Pesant
Senior Managing Director
305.975.5956
roberto.pesant@berkadia.com
Yoav Yuhjtman
Senior Director
786.853.5555
yoav.yuhjtman@berkadia.com
Omar Morales
Associate Director
305.878.2278
omar.morales@berkadia.com
Jose Mota
Associate
786.886.9804
jose.mota@berkadia.com
Wouter Lips
Financial Analyst
786.830.9002
wouter.lips@berkadia.com
Charles Foschini
Senior Managing Director
305.588.4910
charles.foschini@berkadia.com
Mortgage Banking
Investment Sales
Miami
1111 Brickell Ave
Suite 1650
Miami, FL 33131
Boca Raton
Circle Suite 550
5100 Town Center
Boca Raton, FL 33486
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Light Value-Add Potential:
Current ownership has invested over $2M in common areas, but the unit interiors are original and would benefit from a value-add. Designed as a condominium, Pier 19 has features that are typically not replicated by traditional apartments such as the high glass-to-concrete ratio, outsized units and balcony, and high amount of parking spaces. A buyer could “restore to core” Pier 19 with a light value-add.
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Opportunity to Generate Additional Income Through Marina:
Demand in Miami for marina slips currently outpaces supply. A new owner has the opportunity to develop a marina with nine boat slips at the property with a potential to generate an additional $130k+ in NOI.
CHRIS APONE
Managing Director
305.338.4464
chris.apone@berkadia.com
SHANNON WILSON
Associate Director
561.699.8360
shannon.wilson@berkadia.com
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Future Development Potential:
the site is zoned for 150 units per acre, which would allow for 316 units in total. Pier 19 currently consists of 199 units and has land remaining to develop a further 116 residential units to maximize density at the site.
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Future Development Potential:
the site is zoned for 150 units per acre, which would allow for 316 units in total. Pier 19 currently consists of 199 units and has land remaining to develop a further 116 residential units to maximize density at the site.
Call For Offers Date: July 20th