RPM Living paid $207 million for a bayfront apartment building and rental townhomes, The Real Deal has learned. It is the biggest known multifamily trade so far this year in Miami-Dade County and the second-largest in South Florida.
Austin-based RPM bought the 380-unit Biscayne Shores at 11295 Biscayne Boulevard from Miami-based Integra Investments, which developed the complex, according to sources familiar with the deal. The property is in an unincorporated area of Miami-Dade that’s bordered by North Miami, Miami Shores and Biscayne Park.
The sale, which breaks down to $545,000 per unit, closed on Wednesday. The trade closed for near the target price of $215 million when marketing of Biscayne Shores first started last summer, the sources said.
Completed in 2024 on an 8.2-acre site fronting Biscayne Bay, the complex consists of a 15-story building with 288 apartments and 92 townhomes in three-story buildings, records show. Apartments consist of studios, as well as one-bedroom to three-bedroom units, and the townhomes consist of two bedrooms and three bedrooms.
It is fully leased, and monthly rents range from $2,483 to $7,047, Apartments.com shows.
Robert Given and Troy Ballard led the CBRE team that marketed the property.
Given and Victor Ballestas of Integra confirmed RPM is the buyer but didn’t comment on the sale price.
Waterfront apartment developments in Miami are “actually quite rare,” Given said, adding that the deal is a “once in a cycle offering.”
Ballestas echoed this, saying large waterfront deals in Miami don’t happen often.
RPM, led by Jason Berkowitz, who founded the firm in 2002, is a multifamily investor, developer and manager, focusing on market-rate, affordable and senior living properties, according to its website. Its development portfolio consists of 1,700 completed units and another 1,500 planned or under construction.
Much of its portfolio, including owned and under management, is in the Sun Belt, including Texas, Georgia, Louisiana and Florida, though it also has communities in states such as Minnesota and Ohio.
Integra –– led by Paulo Tavares de Melo, Nelson Stabile, Victor Ballestas and Cory Yeffet –– is a commercial real estate developer and investor, with over 3,100 residential units and 6.8 million square feet of real estate completed and under construction, its website shows.
While RPM has little investment and development record in Miami, Integra has a long history. In Brickell, Integra and Related Group are developing a St. Regis Residences-branded condo tower. In West Palm Beach, Integra and Huizenga family are partnering on a $2 billion redevelopment of Rybovich Marina with four condo towers with up to 660 units total, as well as offices, restaurants and amenities for crews.
Integra also jumped on the Miami-Dade public housing redevelopment rush under the federal Rental Assistance Demonstration program, planning a redevelopment of a Brownsville public housing complex with about 1,200 low-income and affordable units.
The Biscayne Shores sale comes on the heels of several multifamily deal closings last and this month. Property Reserve, the real estate investment arm for the reserve funds for The Church of Jesus Christ of Latter-day Saints, bought a 456-unit complex near Boca Raton for $240 million in what’s likely South Florida’s top apartments sale so far this year.
Miami-based family office Bowery Properties paid $65.5 million for a 264-unit West Kendall complex in the Hammocks community, and LeFrak Organization bought a 337-unit apartment tower on the downtown Fort Lauderdale riverfront for $180 million.
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