JLL Capital Markets completed the sale of the three condominium development sites in Miami’s Bay Harbor Islands
News release
20 April 2022
Portfolio of condominium development sites sells for $22.5M
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MIAMI, April 20, 2022 – JLL Capital Markets announced today that it has closed the $22.5 million sale of a multi-housing land portfolio consisting of three waterfront condominium development sites in Miami’s Bay Harbor Islands.
JLL represented the seller, a partnership between Two Roads Development and an institutional equity partner.
The portfolio consists of three waterfront sites, totaling 1.36 acres, each with site plan approval already in-place for the development of a luxury mid-rise condominium with high-end amenities. The properties consist of the 0.26-acre 9781 East Bay Harbor Dr., 0.77-acre 9927-9955 East Bay Harbor Dr. and the 0.33-acre 10301 East Bay Harbor Dr.
Positioned on Biscayne Bay, the properties are located seconds from the Haulover Inlet to the Atlantic Ocean. The sites offer immediate access to dining, shops and entertainment options in nearby Bal Harbour and Surfside. Additionally, they are situated within 30 minutes of several of South Florida’s most prominent employment and education hubs, including downtown Miami/Brickell and Fort Lauderdale.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Directors Simon Banke and Matt McCormack and Managing Director Maurice Habif.
“The Bay Harbor Islands residential market is characterized by intense demand and limited supply. Existing approvals on these three properties will allow development to move forward rapidly and capitalize on the market’s momentum,” said Banke.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Two Roads Development
Two Roads Development is a South Florida-based real estate development firm whose principals have combined over 120 years of experience in developing, financing, and marketing residential and commercial projects across the United States. Over the years, Two Roads has set the standard for luxury development with properties that feature the best location, architecture, amenities, and services in the industry. The firm’s current residential portfolio includes Elysee Miami and Biscayne Beach, two luxury condominiums in downtown Miami, FL; Pendry Residences, a branded hotel and residential condominium in Tampa, FL; Forté, a 41-residence luxury waterfront condominium in West Palm Beach, FL; Tuscany Ranch, a 6,000-home master-planned active adult community in Citrus County, FL; and Freeport Plantation, a master-planned mixed-use community in Freeport, FL. Learn more at: www.tworoadsre.com.