AMAC closed a $6.6 million deal for a Hollywood development site and is partnering with Miami-based ROVR Development to build a 180-unit apartment project.
An affiliate of New York-based AMAC, founded by Maurice and Ivan Kaufman, bought the 2.2-acre property at 4465 Griffin Road, according to records.
The seller is an affiliate of PrivCap Companies, a Boca Raton-based real estate investment firm. Records do not show the price PrivCap previously paid for the property.
AMAC and ROVR Development, led by Oscar Rodriguez and Ricardo Vadia, are teaming up to build an eight-story building that will have a mix of studios, and one- to three-bedroom apartments, according to a press release. Units will be furnished with stainless steel appliances, stone counters, in-unit washers and dryers and custom lighting and plumbing fixtures.
Amenities will include a gym, pool and outdoor lounge, club room, social room, grilling areas, smart package center and private offices. Construction is expected to begin in the third quarter, the release states.
The Hollywood project is the latest joint venture between AMAC and ROVR. The firms teamed up to develop Biscayne 112, a recently completed eight-story building with 402 units near North Miami. AMAC and ROVR are also developing a 290-unit multifamily project on a nearly 3-acre site in Aventura. AMAC paid $10.3 million for the property last year.
Last month, AMAC and partner, Miami Beach developer Daniel Neary, paid $32.5 million for a Class A retail building near Miami Beach’s Sunset Harbour neighborhood. The firm’s co-founder Ivan Kaufman is also chairman, CEO and president of publicly traded Arbor Realty Trust.
ROVR has developed more than $400 million in commercial real estate projects since 2015, according to the company’s website. The firm and its partner Related Group were recently ranked the top bidder to redevelop a 2.2-acre property in downtown Miami owned by the Miami Parking Authority. The partnership is proposing a garage with nearly 1,400 parking spaces, 1,200 residential units that would include low-income and affordable housing, retail space for an urgent care facility, city of Miami fire station, ride sharing hub, and art space.
Institutional investors are devouring multifamily projects and multifamily development sites as they look to capitalize on record demand for rentals in South Florida. In 2021, rents spiked 19.7 percent in Miami-Dade County, 23.3 percent in Broward County and 32.1 percent in Palm Beach County, according to a recent Cushman & Wakefield report.
Construction of new apartments this year is expected to more than double the 7,362 units completed last year, the report states.