BH Group expanded its South Florida portfolio once again, dropping $83 million for a waterfront North Bay Village multifamily project.
The Aventura-based firm acquired Wake Biscayne Bay, a complex of three 10-story buildings with 338 apartments at 7501 and 7525 East Treasure Drive, confirmed Isaac Toledano, who leads BH along with his wife, Liat Toledano.
“This acquisition includes over 1,000 linear feet along Biscayne Bay with perpetually unobstructed waterfront views,” Toledano said in an email.
Miami-based BridgeInvest provided the buyer with a $77.6 million loan.
A BH representative also told The Real Deal that the firm does not plan to redevelop Wake Biscayne Bay “at this point.”
Miami-based Mast Capital, New York-based Angelo, Gordon & Co. and San Diego-based InterWest Capital sold the three-acre site to BH. The sellers paid $75.5 million in 2016 for the property, then known as Treasures on the Bay I, II and III.
Completed in 1962 and 1966, the complex underwent a $20 million renovation under the previous owners that had sold the property to the Mast Capital-led joint venture.
Wake Biscayne Bay offers a mix of studio, one-, two- and three-bedroom units ranging from $2,093 to $4,354 a month, according to Apartments.com.
Founded two decades ago, BH is among the most active development and real estate investment firms in South Florida in recent years, often partnering with other major players.
This month, BH and Delray Beach-based Kolter Group retained Berkadia to list a 1-acre oceanfront redevelopment site in Miami Beach for a whisper price of $110 million, about four times the joint venture’s purchase price for the property at 6985 Collins Avenue in 2023. Kolter and BH paid $24 million for the site, which currently houses the 84-room Crystal Beach Suites Miami Oceanfront Hotel built in 1950. Marketing materials show the property can be redeveloped into a 200-foot tall luxury branded condo project with up to 150 units and about 138,000 square feet.
In North Miami, BH and Kolter are partnering to develop Solana Bay, a 10-story waterfront boutique condominium. Last year, the joint venture launched sales for the 52-unit mid-rise building designed by Coconut Grove-based Arquitectonica. Solana Bay will offer two-, three- and four-bedroom units with prices starting at $2.3 million. Another frequent BH partner is Coconut Grove-based Related Group. The two firms are co-developing the Viceroy Residences Aventura, the Ritz-Carlton Residences in West Palm Beach and the W Pompano Beach Hotel & Residences.