AMAC and ROVR Secure $67M Loan to Build Amenitized Apartments in Aventura
National real estate investor and developer AMAC plans to build a 290-unit apartment complex at 17990 West Dixie Highway in Aventura, Fla.
AMAC secured a $67 million construction loan with Ocean Bank to kick-start the eight-story project, with a projected completion date within the first quarter of 2024.
AMAC is partnering with Miami-based ROVR Development on the project, in their third joint development in South Florida.
Those who take up residence in this development will get more than just a roof over their heads, according to the developer. Access to a two-story gym, a spa and sauna area, a pool with covered lounge area, an outdoor kitchen and grilling areas, a dog wash, a club room, a library, a media room, a social lounge and a sunset terrace will come standard on-site.
“We are confident that this development will meet the new standard of luxury rentals, and we are excited to bring our next multifamily project to the area,” Maurice Kaufman, founding principal at AMAC, said in a statement.
It’s possible most residents will not need to leave the grounds. On-site amenities will include a convenience market, concierge, smart package center, and a parking garage with 36 charging stations for electric vehicles, as well as a 1,760 square feet of rental office spaces operated by Ora.
Ora specializes in operating private workspaces in apartment complexes where facilities are booked, paid for and unlocked over an app.
“ROVR is excited to continue its successful relationship with AMAC in bringing luxury residential housing, in a premier location, to the residents of South Florida,” Oscar Rodriguez, principal at ROVR, said in a statement.
AMAC was also part of a joint venture with ROVR Development in February, paying $6.6 million for a vacant site at 4465 Griffin Road in Hollywood, Fla., bordering Fort Lauderdale, Commercial Observer previously reported. The joint venture plans an eight-story building with 180 units as well as a gym, pool and outdoor lounge with a completion date in mid-2024.
The JV also recently completed Biscayne 112, a 402-unit multifamily property in North Miami.
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