Kayne Anderson Lends $66M for Miami Multifamily Development
By Julia Echikson May 10, 2024 2:01 pm
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ROVR Development has raised $66 million to build a rental complex along the Miami River.
The financing from Kayne Anderson will go toward the first phase of River Rapids, which will house 300 rental units and 444 parking spots across eight stories, according to ROVR. The development, at 2750 NW South River Drive, will rise to the next to the intersection at Northwest 27th Avenue.
Construction will begin this month and is expected to be completed by the fourth quarter of 2025. In 2020, ROVR purchased the land for $15 million in 2020.
In all, the River Rapids project development will deliver 593 units across two buildings. Each will feature a pool deck, a fitness center, a club lounge and conference rooms. Construction for the second phase is expected to start at the end of 2025.
ROVR Development, led by Oscar Rodriguez and Ricardo Vadia, isn’t stopping at the River District. Last year, the firm bought an adjacent 6.2-acre parcel, located between 1701 and 1851 Delaware Parkway, for $23 million, where it plans to build another 1,000 rental units.
Once completed, ROVR projects the 1,600 apartments will be valued at over $750 million.
Besides the River District, in nearby Downtown Miami ROVR is developing two residential projects: two 48-story multifamily towers on city-owned parcels as well as a 37-story condo high-rise, both in partnership with Related Group.
Correction: The article was updated with the correct purchase price of the land on South River Drive.
Julia Echikson can be reached at jechikson@commercialobserver.com.
