Waterton Plans Major Renovation for North Miami Multifamily Asset

MIAMI—Wateron Associates snapped up a multifamily asset in North Miami in an off-market deal and has big plans to rehab the project. Known as Watermarke at Biscayne Apartments, the 402-unit apartment community marks the firm’s eighth multifamily acquisition this year.

"Waterton is pleased with the recent closing of Watermarke at Biscayne in North Miami, which further underscores our belief in the positive outlook for multifamily in South Florida," commented Max Peek, senior vice president of Acquisitions at Waterton Associates. "We plan to begin a renovation program that will modernize unit finishes allowing the property to truly exceed its immediate competitive set within the submarket."

A class B mid-rise multifamily community that offers studio, one- and two-bedroom garden style units, Watermarke at Biscayne is located immediately west of the Northeast 123rd Street and Biscayne Boulevard intersection. Biscayne Boulevard is the major north-south thoroughfare through North Miami that is dominated retail, major restaurants, and office space.

The multifamily asset is located on a main node between the affluent areas of Aventura and Bal Harbour that is experiencing the early stages of gentrification. For example, immediately east of Watermarke at Biscayne along northeast 123rd Street is a recently developed, 2009, class A mixed-use office and retail space building, Causeway Square. Causeway Square offers 285,283 square feet of office and retail space. Directly across the street from the property, along Northeast 16th Avenue, is a construction site that is currently building a new Whole Foods Market, planned for a spring 2013 opening.

Peek believes the multifamily asset has many positive existing physical qualities that will help it compete with higher-end comparable communities. Watermarke features, for example, include  large balconies and patios, large walk-in closets, two swimming pools, tennis courts, laundry facilities, and fitness center.