Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

AVENTURA, FL-Before ground is even broken for Atrium at Aventura, a 192-unit, twin-tower residential condominium on Biscayne Bay, the original developer, VenAventura LLC, sold the project to an affiliate of Naples-based Gates McVey for $26 million. At the time of the sale, the architectural plans and initial groundwork was complete and 85% of the units were pre-sold.

“It’s like a relay,” Stephen Robison, SVP of Gates McVey, tells GlobeSt.com. “VenAventura worked through the permitting process and prepared the site, and, after creating some value, was able to turn to other projects they wanted to pursue.” Wachovia Bank provided GM Atrium LLC, a Gates McVey affiliate, construction funding, and the new owner is following the initial plans. “We have also fully deployed a re-sale program,” Robison says, for buyers who bought units in order to sell them. Turnberry International Realty is the listing broker.

Atrium consists of two 12-story buildings, each containing 96 two-, three- and four-bedroom units, including two-story units at the terrace and penthouse levels. They range in size from 1,200 sf to 3,142 sf. Robison says the selling prices begin in the $500,000s, and “the highest price paid for a two-level unit is nearly $1.2 million.”

Atrium actually contains three atriums, one in each building lobby and another centered between them. It is located at 3131 NE 188th St. with 450 feet of water frontage, and plans call for 22 boat slips and a boardwalk surrounding the peninsula. There is covered parking, a business center, fitness center, children’s playground and waterfront pool, hot tub and sundeck. Robison expects completion within 22 months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.