Alpaca Real Estate and Phoenix Realty Group Acquire 269-Unit Bay Pointe Community in South Kendall
The joint venture has acquired Bay Pointe, a 2024-vintage multifamily community adjacent to Palmetto Bay, as part of a focused strategy targeting well-located middle-income rental housing in South Florida's high-growth markets.
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Alpaca Real Estate and Phoenix Realty Group announced today that a joint venture between the firms has acquired Bay Pointe, a 269-unit, seven-story multifamily community in Miami's South Kendall submarket. The 2024-vintage property sits adjacent to Palmetto Bay with direct access to U.S.-1 / South Dixie Highway and Florida's Turnpike.
Bay Pointe recently completed lease-up and is 95% leased. The community offers a full amenity package including a resort-style pool, 24-hour fitness center, business center, resident lounge, and gated garage parking. In-unit amenities include quartz countertops, stainless steel appliances, 36" cabinets, washer/dryer in-unit, and hard surface flooring throughout.
A Middle-Income Housing Play in a High-Growth Market
The acquisition reflects the partners' focus on well-located multifamily properties serving middle-income renters in high-growth markets. The joint venture will institute Willow Bridge as the property manager to stabilize the asset and deliver a high-quality resident experience.
"Bay Pointe presents an attractive opportunity to acquire a newly delivered multifamily community in one of South Florida's most dynamic rental markets," said Daniel Carr, Co-Managing Partner of Alpaca Real Estate. "Our data-driven investment platform highlighted the acquisition basis and outsized yield as particularly attractive today. We look forward to implementing a focused stabilization plan that enhances operations, delivers a high-quality resident experience and expands access to naturally occurring affordable housing."
"Bay Pointe is a strong fit for Phoenix Realty Group's strategy of investing in well-located multifamily communities where disciplined operations can create durable value," said Keith Rosenthal, Co-Founder, CEO and President of Phoenix Realty Group. "We are pleased to partner with Alpaca Real Estate on this acquisition and bring our local South Florida experience and operating platform to the property."
Alpaca Real Estate combines a tenured institutional investment team with a proprietary, AI-enabled data infrastructure platform. For more information, visit alpacarealestate.com.
The PGM Edit
The joint venture has acquired Bay Pointe, a 2024-vintage multifamily community adjacent to Palmetto Bay, as part of a focused strategy targeting well-located middle-income rental housing in South Florida's high-growth markets.
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A new joint venture has landed in South Kendall. Alpaca Real Estate and Phoenix Realty Group have acquired Bay Pointe — a 269-unit, 2024-vintage multifamily community adjacent to Palmetto Bay — as part of a broader play on South Florida's middle-income rental market. The property is 95% leased and sits at the intersection of U.S.-1 and Florida's Turnpike.
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