MIAMI—Multifamily development isn't slowingdown in Miami. A new class A apartment project isset to rise near Dadeland Mall in Kendall as 13th FloorInvestments and Adler Group just closedon a long-term ground lease with rights to develop a parcel next tothe Dadeland North Metrorail station and Dadeland Station retailcomplex. Financial terms of the deal were not disclosed.

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The joint venture between 13th Floor and Adler acquired thedevelopment rights from Green Companies, whichinitially entered into a ground lease with Miami-Dade County.Development plans call for a class A multifamilybuilding. Architectural designs for the project are alreadyunderway.

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“This transaction is the latest example of how 13th FloorInvestments seizes opportunities to partner with like-minded firmswhen it comes to getting deals done and getting developments offthe ground,” says 13th Floor managing principal ArnaudKarsenti. “With numerous employers nearby and excellentconnectivity to mass transit, this is an ideal setting forhigh-quality rental apartments.”

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A number of residential demand drivers make this a strongmultifamily development site. For starters, it'snear the University of Miami and Baptist Hospital. It offers accessto the Metrorail system, US 1, and the Palmetto Expressway. Andit's next to the Dadeland Mall, one of the nation's busiestshopping centers.

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“The Dadeland market is a unique community due to its location,infrastructure, and businesses,” says Michael M.Adler, CEO of Adler. He notes that the urban project willprovide a “live, work, play experience for residents who worknearby as well as an easily accessible transit solution for thosewho work in the Downtown/Brickell area.”

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Now let's take a closer look at the partners. For 13th Floor,the planned multifamily development will be thelatest addition to its residential property portfolio.

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The firm is currently developing assets in Miami-Dade, Broward,and Collier Counties. Projects include the 1010 Brickellcondominium in Downtown Miami, the 400 Sunny Isles condominium inSunny Isles, the Central Parc single-family home development inTamarac, and the Sierra Grande apartment building in Naples.

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Adler has a long history developing and managingmultifamily properties across South Florida. Thefirm has built more than 8,000 multifamily rentalunits in the past 50 years. Adler has about 1,300multifamily units under development including theShorecrest Club Luxury Apartment complex.

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The Shorecrest, which includes 467 apartmentunits in two towers located directly on Biscayne Bay, is expectedto deliver to market in late 2014. Othermultifamily projects include Pavilion a 250-unitmidrise luxury apartment community in East Tampa,starting construction this summer and a 300-unit luxury high-riserental apartment project in Midtown Miami.

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