The development affiliate of the Miami-based engineering-architectural firm, Bermello Ajamil & Partners, will serve as operating partner in an equity partnership led by New York-based Patronis Group, a global real estate investment company.
Besides Patronis, the venture partners include Granite Associates, a private investment firm, and Creative Capital Management, a European-American investment advisory firm.
Financing will be used to build 226 multifamily apartments, including 120 one-bedroom units, 96 two-bedroom units, 10 two-bedroom townhomes and about 18,300 sf of ground-floor retail space. Plans calls for an outdoor swimming pool, landscaped deck, exercise facilities, 24-hour security and a 421-space parking garage.
In addition to the Coral Way project, BAP Development is now developing a 405-unit multifamily Summit Brickell project in downtown Miami and the 159-unit Douglas Grand multifamily project in the Coral Way submarket.
The company recently completed development of a $20 million, single-family residential project in the Palm Beach County city of Boynton Beach, 52 miles north of Miami.
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