Most Expensive Multifamily Asset for Sale in the Southeast? ParkLine Miami Sellers Want $500M

An 816-unit luxury residential property in downtown Miami is the largest multifamily asset for sale in the Southeastern U.S.

Florida East Coast Industries recently listed ParkLine Miami, its flagship residential high-rise above Brightline’s MiamiCentral Station, for sale with Cushman & Wakefield for $500 million.

Located at 100 NW 6th Street, ParkLine Miami is minutes from neighborhoods such as Wynwood and the Design District, with access to restaurants, retail, arts and culture, and events. 

The completed property is also next to Miami World Center, a $4 billion development underway with over 300,000 square feet of retail.

The firm’s Florida team consists of Robert Given, Troy Ballard and Zachary Sackley, who will lead the marketing efforts along with the support of the New York and Los Angeles colleagues, which include Doug Harmon, Adam Spies and Rob Rubano. 

The property is expected to be on the market through October, and there are currently half a dozen groups interested in the listing. Given says he expects to see a diverse group of interested investors such as large, institutional investors, offshore entities and private buyers. 

“This is a FECI Development and it is moving rapidly to stabilization, probably will be fully stabilized over the next 45 to 60 days, and a highly sought after asset in the market,” said Given.

The residential development is currently over 90% leased. Leasing began in the spring of last year.

Preparing for such a big transaction means putting in a lot of time and effort, according to Given.

“We have compiled a strong database of investors that would be interested in owning an asset like this and we’ve been involved in six projects with FECI. They developed Brightline, which has given us a deep understanding of the project and overall Brightline project. It’s one of those significant projects that will benefit the community by connecting the high-density population nodes of our region together with fast transportation,” said Given.

Residents at ParkLine Miami have direct access to the MiamiCentral Brightline station and Citizens, the new 26,000-square-foot culinary center by C3, which will house restaurants from world-renowned chefs. They will also have access to retailers such as Starbucks, Publix, Chick-fil-A, Joe & The Juice and Einstein Bagels.

‘Center of gravity’

Brightline currently serves Miami, Fort Lauderdale and Palm Beach with expansion stations opening in 2022 in Aventura and Boca Raton.

“This is a rare opportunity indeed, as the towers sit directly atop and are connected to the Brightline train platforms, in addition to three other modes of rail transportation and over 160,000 square feet of retail in MiamiCentral,” said Given, in a press release. “MiamiCentral will undeniably be the center of gravity of the Miami MSA for generations to come.” 

ParkLine Miami’s residents can also take advantage of Brightline’s new door-to-door service, which includes private and third-party vendors that will create new modes of transportation like scooters, bikes, electric micro-rides, shuttles and chauffeured Teslas. The future expansion of MiamiCentral includes a Miami-Dade commuter rail system with stations in Wynwood, the Design District, El Portal, North Miami and FIU’s Biscayne Bay Campus.

“What’s unique about this building versus other big, luxury buildings, is that it’s a high-scale asset with luxury accommodations and retail amenities, and it’s walkability to a ton of offices,” Given said. “For the first time, it’s being connected to a high-quality passenger rail system that’s very useful. We’re excited about being a part of the project with Brightline and FECI.”