AMLI Residential is betting again on the booming multifamily market in Miami’s Edgewater and Midtown neighborhoods, paying $104.2 million for an apartment tower.
Chicago-based AMLI bought the Midtown 29 apartments at 180 Northeast 29th Street from Mesirow Financial and Morgan Group, according to records.
The deal for the 20-story, 309-unit property, which already has been rechristened AMLI Midtown 29, breaks down to $337,110 per apartment.
The property technically is in the Edgewater neighborhood, and is next to the longtime Cuban restaurant Enriqueta’s Sandwich Shop.
Houston-based Morgan Group paid $19.1 million for the 1.7-acre construction site in 2015, and scored a $70.8 million construction loan the following year.
Morgan completed the project with Chicago-based Mesirow in 2018, and the duo refinanced the property with an $80 million loan the following year.
AMLI Midtown 29 offers studios and one- to three-bedroom apartments, with monthly rents ranging from $2,100 to more than $3,980, according to the property’s website.
The building is steps from Midtown Miami, where AMLI completed a 719-unit multifamily project in 2020 that bears the same name as the neighborhood.
AMLI, led by Chairman and CEO Gregory Mutz, is planning another apartment project nearby, after paying $30.5 million for a 1.8-acre site at 3001 Northeast First Avenue in November. An assignment of development rights shows the site could be built with up to 389 units and 451,469 square feet.
The multifamily market is hot not just in booming Miami neighborhoods, but across South Florida. Demand is fueled by an influx of transplants from out of state, allowing for skyrocketing rents and prompting robust investment sales and construction activity.
Also in Edgewater, Chicago-based Trilogy Real Estate Group plans a 20-story rental tower.