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JUN 14, 2023, 6:00 PMMoinian’s Bezel rental tower at Miami Worldcenter hits market for roughly $300M: sources
If 43-story building sells for target price, it would mark biggest South Florida multifamily deal so far this year
The Moinian Group put the Bezel apartment tower at Miami Worldcenter on the market for roughly $300 million, The Real Deal has learned.
If it sells at that price, it would mark the biggest South Florida multifamily deal so far this year, as expensive financing costs have led to a dry spell in investment sales.
New York-based Moinian and Orlando-based ZOM Living completed the 43-story, 434-unit Bezel in 2021. The pair had paid $19.5 million for the 650 Northeast Second Avenue site in 2019, records show.
Led by Joseph Moinian, Moinian scored a $185 million refinancing for Bezel in December, though by that time ZOM no longer was part of the joint venture ownership.
Cushman & Wakefield and a CBRE team led by Robert Given and Troy Ballard are marketing the property. The CBRE brokers listing Bezel recently jumped to the brokerage from Cushman.
The asking price is not listed on marketing materials, but sources said Moinian is expecting the tower to sell for somewhere in the $300 million range. Moinian did not immediately respond to a request for comment.
If Bezel achieves this amount, the deal would break down to over $690,000 per apartment.
Expensive purchase financing has slowed multifamily deals and created bid-ask gaps, as buyers often can’t pony up as much as sellers expect. Yet prices are expected to increase next year if interest rates drop, experts say.
“Between now and year’s end is the best time to buy core assets, because the prices will start to go up because we will have a better debt environment [next year], and replacement costs will increase rapidly,” said Given, who declined to disclose Bezel’s target price.
Though the sale of Bezel would be the biggest multifamily trade so far this year, it wouldn’t surpass last year’s largest deal. Harbor Group International bought the pair of ParkLine rental towers atop MiamiCentral for $440 million in March of 2022.
In one of the biggest deals this year, AIR Communities paid $250.5 million for the pair of Southgate Towers at 910 West Avenue in Miami Beach.
The 27-acre Miami Worldcenter is a $6 billion mixed-use project. Master developers Art Falcone and Nitin Motwani, in partnership with CIM Group, have sold developable lots at the complex to various firms. Completed portions of Miami Worldcenter include Bezel, the Caoba apartment tower, the Paramount condominium tower, the 351-key citizenM hotel and the 80,000-square-foot Jewel Box retail building.
Miami Worldcenter projects on tap include Related Group and Merrimac Ventures’ 33-story, 450-unit The Crosby condo, and Dan Kodsi’s Legacy Hotel & Residences.
