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Oak Row, OKO and Mariposa Close $520-Million Brickell Land Deal

Company: 

Oak Row Equities, OKO Group, Mariposa Real Estate

Oak Row Equities, OKO Group and Mariposa Real Estate closed on the $520 million acquisition of a 4.25-acre waterfront assemblage in Miami’s Brickell district, identified as the largest single land acquisition in Florida.

The assemblage, acquired from Aimco, includes the Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building. Located at 1001 and 1111 Brickell Bay Drive, the site features 485 feet of continuous Biscayne Bay frontage.

The property is zoned for more than 3 million square feet of development and allows multiple towers up to 1,049 feet tall. The first phase is planned to include a hotel and branded condominium residences as part of a larger mixed-use development.

TYKO Capital provided a $464.5 million acquisition and predevelopment loan. Aimco also provided $85 million in seller financing with a two-year term and the option to extend by up to two additional years. The seller financing carries an 18% interest rate for its full duration.

The Brickell assemblage allows the joint venture to develop a large-scale, mixed-use project on one of Miami’s last major waterfront development sites.

These are some of the reasons why the Brickell land assemblage was selected to receive ApartmentBuildings.com’s AB 100 Transaction of the Year Award, which recognizes those who demonstrate creativity, skill and success in the multifamily industry.

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