After $12M Renovation, Portofino at Biscayne Hits the Market

NORTH MIAMI, FL-After receiving $12 million in capital improvements and renovations over the last five years, Portofino at Biscayne has been put on the market. Stellar Management of New York City owns the 871-unit, luxury mid-rise apartment community.The property is located at 14000 Biscayne Blvd. It consists of five 10-story apartment buildings and a two-story clubhouse. It was built in phases between 1974 and 1980.The capital improvements and renovations took place between 1999 and 2004. They include exterior reconstruction and painting, elevator modernization, re-roofing, lobby upgrades, improvements to common areas, interior updates and new landscaping.The apartment community includes studios, one-bedroom units and two-bedroom units. Its amenities include Biscayne Club, which has a billiards room, a coffee bar, a television lounge, a caterer’s kitchen; a private pool with a secluded sundeck; a new fitness facilities; two lighted tennis courts; a three-acre picnic area with barbecue grills; a conference and business center; and computer centers.The CB Richard Ellis South Florida Multi-housing group is handling the listing for Portofino at Biscayne. The key advisers are Jay H. Massirman, executive vice president of CBRE, Denny St. Romain, senior director with LJ Melody, and Charles Crapse, senior associate with CBRE.The property, in an area that is seeing a strong demand for housing, potentially may be converted into condominiums. “Portofino at Biscayne will attract significant interest from the condo conversion community,” according to Massirman. “Driven by strong demand for urban living and the incredible sales velocity in Miami, this deal represents a tremendous opportunity to serve the affordable condominium buying community.”St. Romain points out that the price of new single-family homes in Miami-Dade County has climbed 52.6% from $191,125 in the second quarter of 2003 to $291,666 the next quarter. “This has left young professionals wanting to live close to both work and play in search of more affordable options,” he says.