AMAC has secured a $6.6 million deal for a development site in Hollywood and is partnering with Miami-based ROVR Development to build a 180-unit apartment project.
A New York-based subsidiary of AMAC, founded by Maurice and Ivan Kaufman, purchased the 2.2-acre property at 4465 Griffin Road, records show.
The seller is a subsidiary 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 feature a mix of studios and one- to three-bedroom apartments, according to a press release. Units will be outfitted with stainless steel appliances, stone countertops, washers and dryers, and custom lighting and plumbing fixtures.
Facilities will include a gym, pool and outdoor lounge, club room, social room, grilling areas, smart fitness center and private offices. Construction is expected to begin in the third quarter, the statement said.
The Hollywood Project is the latest joint venture between AMAC and ROVR. The companies have partnered 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 multi-family project on a nearly 3-acre site in Aventura. AMAC paid $10.3 million for the property last year.
Last month, AMAC and its partner, Miami Beach developer Daniel Neary, paid $32.5 million for a Class A retail building near Miami Beach’s Sunset Harbor neighborhood. The company’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 company and its partner Related Group were recently ranked among the top bidders to redevelop a 2.2-acre property in downtown Miami owned by the Miami Parking Authority. The partnership proposes 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, a city fire station of Miami, a carpooling center and an arts space.
Institutional investors are devouring multifamily projects and multifamily development sites as they seek to capitalize on record rental demand in South Florida. In 2021, rents rose 19.7% in Miami-Dade County, 23.3% in Broward County and 32.1% in Palm Beach County, according to a recent report by Cushman & Wakefield.
Construction of new apartments this year is expected to more than double from the 7,362 units completed last year, the report said.