ArborCrowd co-founder and COO Adam Kaufman

MIAMI—The developers of the 402-unit Biscayne 112 multifamily project currently under construction is looking to raise $5.15 million from investors in a crowdfunding offering for the remaining equity in a nearly $104-million project in North Miami.

An affiliate of Arbor Management Acquisition Company LLC is the project's sponsor, and along with ArborCrowd —are members of The Arbor Family of Companies. Affiliates of the sponsor have funded more than 85% of the total equity of the $103.8-million project at 11200 Biscayne Blvd.

ArborCrowd seeks to raise $5.15 million from investors for the remaining equity, which has been pre-funded into the project by an affiliate of ArborCrowd. The sponsor broke ground on the development in April, and construction is expected to be completed towards the end of 2020.

"North Miami is an attractive place to live as it is a short commute to Downtown Miami, is in a school district with multiple top schools, and is seeing a surge of investment into the community. However, it is notably lacking in vacant multi-acre development parcels, which makes a project like ours both scarce and highly desirable," says ArborCrowd co-founder and COO Adam Kaufman. "Biscayne 112 is one of the only large-scale, multifamily developments under construction in the area, which provides a competitive advantage as the sponsor seeks to capitalize on strong renter demand for luxury product while offering an expected 20% to 30% discount to rents in Downtown Miami."

Biscayne 112 will comprise a variety of one-, two- and three-bedroom units across eight stories as well as nearly 40,000 square feet of amenity space, including a state-of-the-art fitness center, an entertainment room, a lounge, two swimming pools, zen gardens and a dog park.

The North Miami submarket has seen a population surge in recent years that has led to an uptick in construction and redevelopment to meet increasing demand for quality housing. According to real estate data firm ESRI, there was a 10.24% population increase in the one-mile radius surrounding Biscayne 112 from 2010 to 2018, with another 5.91% increase projected by 2023. This continued growth has spurred an increase in the number of high-quality commercial tenants seeking to locate in the area, including Whole Foods Market, which opened in 2013, and the University of Miami Health System, the latter of which is building a new, 225,000-square-foot medical center in North Miami, ArborCrowd states.

Biscayne 112 is ArborCrowd's ninth offering since its inception. In total, the firm has raised nearly $25 million of equity for assets with a total capitalization of roughly $270 million. To date, ArborCrowd reports it has returned almost $6 million to investors.

Instant Insights /

North Miami Multifamily Project Turns to Crowdfunding for Remaining Equity

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