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The firm's plans for the property at 1221 Broadway include an office tower that would feature anywhere from 350,000 square feet to 500,000 square feet of office space.
An entity of BRT Apartments in which the firm has a 65% interest, has purchased the 312-unit Vive at Kellswater community for $48.1 million, including $33.4 million of mortgage debt assumed in connection with the acquisition.
The deal increases Blue Magma's Atlanta area portfolio to 3,000 value-add units purchased by the firm in less than four years at a cost in excess of $133 million.
The ownership of the storied building and brokerage firm JLL have announced the City Council has approved the redesign of its grown-floor space, which is part of the building's overall repositioning.
Construction on the nearly 500,000-square-foot expansion of the gaming facilities is expected to be completed in 2020. The first portion of the of the expansion is expected to open sometime this summer.
Herrera tells Globest.com the specific market dynamics that are keeping South Florida in such high demand with local, domestic and international players and what investors can expect in 2019.
The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt.