(CORAL GABLES, FLORIDA) — Hines, the international real estate firm, announced today the sale of Aviva Coral Gables, a newly developed, 276-unit mid-rise apartment building located within Coral Gables, Florida, to Berkshire Group. Financials on the deal were not disclosed. ARA Newmark represented Hines in the transaction.
Aviva Coral Gables was built on a 2.2-acre parcel, in close proximity to the Village of Merrick Park, a luxury, open-air lifestyle center that contains more than 100 other retailers and restaurants and is further amenitized with nearby mass transit access.
Completed in 2015, the property consists of an eight-story, for-rent multifamily development and contains 248,000 square feet. The property features an array of best-in-class amenities including a resort-quality saltwater pool and sundeck, a cyber-café/business center, a “club-quality” fitness center, ground-floor patios and balconies for all residents and direct on-floor unit access from all levels of the eight-story parking deck.
Michael Harrison, Hines senior managing director, said, “Aviva Coral Gables was a significant project for us and the property provides the buyer a first-class asset with an exceptional location.”
Jon Wood, Hines managing director, added, “We have been very pleased with Aviva Coral Gables, which demonstrates that distinctive architecture, high-quality buildings in desirable locations will outperform the market and be attractive to investors.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of March 31, 2017, Berkshire Group had approximately $7.0 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.
About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the leading investment advisory firm in the multihousing industry. From marketing the sale of single assets and portfolios to sourcing acquisition and development equity and financing, ARA Newmark provides 360-degree solutions for clients. In addition to market-rate and mixed-use properties, we offer specialized services in land, student, seniors, manufactured and affordable housing. With the industry’s deepest bench of multihousing advisors, ARA Newmark provides the insight and experience to ensure world-class execution. Our advisors average 20 years’ experience and are the most skillful negotiators in the industry. They are experts in 300+ markets and provide asset-specific customization that yields highly effective transaction strategies. By leveraging our proprietary database that identifies 200 percent more investor interest, each advisor has ready access to unique market intelligence to drive demand. Backed by the global resources of Newmark Knight Frank, ARA Newmark matches each client’s assets to a robust group of investors – from private and institutional owners to global entities – and accesses nearly every commercial real estate class for options to diversify and profit. The firm’s combination of asset sales, debt and equity services and specialty practice groups yields more than $19 billion in transaction volume annually. For more on ARA Newmark’s multihousing-exclusive services, visitwww.aranewmark.com.