The Empira Group, a leading European investment manager, has acquired a residential project development in Miami, Florida. The 2,100 square meter lot is located on Coral Way in The Roads of Miami, South Florida. Here, Empira is developing an apartment building with 85 high-quality residential units for long-term ownership. Retail space of 80 square meters is planned for the ground floor. The start of construction is planned for 2023 and completion for 2025.
“The southern United States and in particular the Sunbelt with Florida and Miami are attractive locations for our investments in apartment buildings. The fundamentals are excellent. Economic and job growth is high and the population has been growing continuously for years. In addition, the tax framework is very attractive,” explains Lahcen Knapp, Chairman of the Board of Directors of the Empira Group. “We have established our own local real estate team, which is growing rapidly and handling the entire process from acquisition to completion,” adds Knapp. Empira already has an extensive pipeline of investment opportunities for more than 2,000 residential units at various locations in the Sunbelt.
“The new residential building is centrally located in one of Miami’s most interesting growth areas and creates much-needed living space for downtown and the business center Brickell,” says Rafael Aregger, Head of Investments USA at Empira Group. The 85 rental apartments will have one to three rooms and access to various additional offers. There is a gym, yoga space, a rooftop pool, a gourmet communal kitchen, and a games room.
LEED certification is being sought for the building. The current existing development consisting of two old structures is to be demolished later in 2022. The project was designed by the renowned architectural firm Revuelta Architecture. JLL acted as broker on behalf of the seller, a South American investor.