Alpaca Real Estate and Phoenix Realty Group Acquire 269-Unit Bay Pointe in Miami
Alpaca Real Estate and Phoenix Realty Group announced the acquisition of Bay Pointe, a 269-unit multifamily community in Miami’s South Kendall submarket, through a joint venture between the two firms.
The property is a 7-story building constructed in 2024, located adjacent to Palmetto Bay with direct access to U.S.-1 / South Dixie Highway and Florida’s Turnpike. According to the release, Bay Pointe recently completed lease-up and is currently 95% leased.
The community features a resort-style pool, 24-hour fitness center, business center, resident lounge, and gated garage parking. Unit amenities include quartz countertops, stainless steel appliances, 36-inch cabinets, in-unit washer and dryer, and hard surface flooring throughout.
The joint venture plans to bring in Willow Bridge as property manager to stabilize the asset and create what the companies described as a high-quality resident experience.
Daniel Carr, Co-Managing Partner of Alpaca Real Estate, said the acquisition represents an opportunity to acquire a newly delivered multifamily community in South Florida’s rental market. “Our data-driven investment platform, which evaluates hundreds of similar development and existing assets, highlighted the acquisition basis and outsized yield as particularly attractive today,” Carr stated. He added that the firm looks forward to implementing a stabilization plan that enhances operations and expands access to naturally occurring affordable housing.
Keith Rosenthal, Co-Founder, Chief Executive Officer and President of Phoenix Realty Group, said Bay Pointe fits the company’s strategy of investing in well-located multifamily communities where disciplined operations can create durable value. “We are pleased to partner with Alpaca Real Estate on this acquisition and bring our local South Florida experience and operating platform to the property,” Rosenthal said.
The companies stated that the acquisition reflects their focus on well-located multifamily properties serving middle-income renters in high-growth markets.