Saturday, May 21, 2016

HFF represents seller in connection with 2.2-acre Miami development site and secures JV equity to develop 330-unit multi-housing/retail project on the site

2701 Biscayne Boulevard Development Site, Edgewater District
Near Downtown Miami, FL

Jaret Turkell
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented a fund operated by Encore Capital Management in the sale of a 2.2-acre, fully-approved land site in Miami.

 In addition to the sale, HFF assisted the purchaser in raising joint venture equity for the development of a 330-unit mixed-use multi-housing and retail project on the site.

HFF marketed the land on behalf of the seller, Encore Housing Opportunity Fund, one of three funds operated by Encore Capital Management.  

The Richman Group Development Corporation (Richman), a subsidiary of The Richman Group of Florida Inc., purchased the site free and clear of debt. 

Additionally, HFF assisted Richman in identifying and securing Invesco Real Estate as their joint venture development partner.

The development site is located at 2701 Biscayne Boulevard with more than 200 feet of frontage along Miami’s coveted Biscayne Boulevard in the Edgewater District.

The HFF investment sales team representing Encore Housing Opportunity Fund was led by managing director Jaret Turkell and associate director Maurice Habif.

HFF’s equity placement team was led by Turkell and Habif along with managing director Chris Drew.

“This property is positioned in the heart of Edgewater at the intersection of Miami’s most exciting neighborhoods: Wynwood, Midtown Miami and the Design District,” said Turkell.  “The long-term growth prospects are phenomenal for this area as young renters flock to this area – it has rapidly become the trendiest part of town.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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