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Vue at Brickell
News
SunVest Pays $83M for Conversion-Ready Brickell Asset
By Marita Thomas of GlobeSt.com
Tuesday, January 04, 2005 - MIAMI-Hollywood, FL-based Sunvest
Communities LLC shortcuts the time needed to develop a
Condominium. by paying $82.5 million, or about $255,418 a unit, for the
recently completed and largely vacant Summit Brickell View at 1250
South Miami Ave. in the Brickell submarket. It is renaming the
property Vue at Brickell and converting it to for-sale Condo
units.
“Approximately 70% of the units have never been occupied so
buyers get the advantage of an untouched building with
well-appointed residences at pre-construction prices,” says
Louis Birdman, SunVest principal. “Rather than wait for another
Brickell-area Condo that will take years in the construction
process, buyers can move in the Vue at Brickell and finance at
today’s low interest rates.”
Condo prices in the 36-story, 323-unit tower range from the low
$200,000s to $700,000s for a selection of 15 different one-, Two-,
three-bedroom and penthouse layouts in sizes from 737 sf to 1,551
sf. Most have 9-foot ceilings, and some rise to 11 and 14 feet.
All have tile flooring in kitchens and baths and full-size washers
and dryers. Sun Vest estimates sellout at $120 million. Andres
Asian of Cervera Real Estate is director of sales.
Vue at Brickell amenities include a sundeck and rooftop pool,
fitness center with massage service, business center, billiards
area, 24-hour valet and concierge services. The property is
located on 1.2 acres and contains 16,000 sf of retail. The new
owner looks to rent to restaurateurs, beauty salons, gourmet
markets and high-end shops.
Wachovia Securities North Carolina provided $80 million in
financing for the acquisition and Wachovia’s Dan Martinson
facilitated the loan. The seller, Coral Way LLC, is an affiliate
of Charlotte, NC-based Summit Properties, which developed the
building in partnership with locally based BAP Development. The
latter is a subsidiary of the building’s architectural firm,
Bermello Ajamil & Partners, also based here.
VUE AT Brickell- South Florida company to convert apartment tower
to Condominiums
The Business Journal of Jacksonville - January 14, 2005by Susan
Stable Staff Writer
SOUTH FLORIDA -- Hollywood-based SunVest Communities has bought a
recently completed and largely unoccupied Miami apartment tower
for $82.5 million, with plans to convert it to Condominiums .
The residential and resort development company will convert the
36-story apartment tower, Summit Brickell View, and rebrand it as
Vue at Brickell. The 323-unit property is at 1250 S. Miami Ave.,
just west of Miami's Brickell Avenue, a pricey corridor noted for
bank buildings and luxury Condos.
The deal closed Dec. 21. Wachovia Securities North Carolina
financed $80 million for the acquisition. Development costs were
estimated at $60 million in 2001 for Summit Brickell View. The
seller was Charlotte, N.C.-based Summit Properties, which also
owns Summit Brickell nearby. Both were developed by Summit and
Miami's BAP Development.
At a sales price of about $255,417 a unit, Vue at Brickell is a
nice-size deal, said Rosen do Caveiro, director of Cushman &
Wakefield's Apartment Brokerage Services.
Conversions have been heavy in South Florida. On Dec. 16, The
Related Group of Florida announced its $125 million purchase and
conversion plans for the 452-unit Harbour House in Bal Harbour.
Condo plans are also on the table for X Aragon, the residential
half of 55 Miracle Mile in Coral Gables. The 15-story, mixed-use
building sold for $84.5 million in December.
"There are fewer and fewer quality rental properties
available for conversion," Caveiro said. "And they are
more and more difficult to find and more and more expensive. It's
an amazing market, very aggressive."
Incomplete numbers from 2004 show more than 14,300 apartment units
in South Florida slated for conversion, 86 percent of them in
Miami-Dade County, according to Cushman & Wakefield's
apartment brokerage services. Caveiro noted those numbers are
expected to be much higher once a number of deals close.
SunVest has the advantage over many other Condo projects since the
company can start selling now while other projects are still under
construction, Caveiro said.
About 70 percent of Summit Brickell View's units were never
occupied, according to SunVest. The structure was completed last
year and Summit held off on leasing because it knew the building
would be sold, SunVest CEO Louis Birdman said.
But SunVest has already started selling units on site, Birdman
said. Sellout is expected to be $120 million, with units from 737
to 1,551 square feet priced from the low $200,000s to $700,000.
The property also has 16,000 square feet of retail on its ground
floor. Birdman said he hasn't decided whether to lease or sell the
commercial space.
SunVest plans to spruce up the common areas, add some paint and
replace awnings, plus install decorative lighting to its new
property to make it more visible, he said.
Founded in 1989, SunVest has an inventory of more than 2,500
units. Birdman estimated more than 3,000 units were sold in 2004.
A few months back, SunVest's supply of available units to sell
fell to less than 100, he said.
Other company projects are in progress throughout Florida and in
Las Vegas, including new construction.
SunVest partnered with Miami-based Hamilton Investment Group to
build Emerald at Brickell, a 27-story, 142-unit Condominium tower,
which Birdman said is nearly sold out.
Interest has come from many first-time buyers, those seeking
second homes, and the ever-present investor from Latin
America.
"We try not to sell many units to speculators," Birdman
said. "It's hard to tell who is and who's not."
Susan Stabley is the real estate/international business writer at
the South Florida Business Journal, a sister publication.
jacksonville@bizjournals.com | 396-3502
http://www.bizjournals.com |
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Vue at Brickell Miami Condominium
Positioned right in the core of Brickell; the focal point of South
Florida, Vue at Brickell will be an excellent opportunity to buy in a
solid location at incredible prices. Vue at Brickell is a 36-story, 323
unit (15 layouts: one, two and three-bedrooms and penthouses)
This Condo designed by Bermello, Ajamil & Partners was built in 2004.
Vue at Brickell Location: Centrally located in the prestigious Brickell
neighborhood, right off
Brickell Avenue and blocks from downtown, Vue at Brickell offers the
coveted urban milieu with panoramas that span the city’s skyline and
Biscayne Bay. It is also one block from the metro mover and Two blocks
from the metro rail. Brickell is easily accessible to South Florida’s
major
airports, highways and hotspots like South Beach, Coral Gables,
Bayside, Coconut Grove, Key Biscayne and Dad eland.
VUE AT Brickell OVERVIEW:
A modern Condominium. with a trendy Miami twist,
Vue at Brickell is a newly built Condominium tower. The 36-story building
offers an ultrachic
lifestyle with a distinct cosmopolitan vibe, perfect living quarters for
today’s young, urban professional. All 323 expertly-appointed residences
are available for occupancy now.
VUE AT Brickell BUILDING AMENITIES:
Premium fitness center with relaxing, in-house massage services
Expansive sundeck with opulent rooftop swimming pool
Modernistic Lobby
State-of-the-art multimedia room
Professional business center
Billiards area
Community club room
Café with wireless Internet access
24-hour valet
Concierge
Key fob access and 24-hour security
Covered parking garage
16,000 square feet of high-end retail space onsite
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