Austin Firm Acquires Miami Bayfront Complex for $151M
RPM Living purchased the 380-unit Biscayne Shores development from Integra Investments in one of Miami-Dade's largest multifamily transactions this year. The waterfront property features apartments and townhomes completed in 2024.
Austin-based RPM Living has acquired a newly completed waterfront apartment complex in Miami-Dade County for $151.4 million, marking one of the largest multifamily sales in the region this year.
The transaction involves Biscayne Shores, a 380-unit development located at 11295 Biscayne Boulevard in an unincorporated area bordered by North Miami, Miami Shores and Biscayne Park. RPM purchased the property from Miami-based Integra Investments, which developed the complex on an 8.2-acre site fronting Biscayne Bay.
The sale price translates to approximately $398,000 per unit, with the transaction closing this Wednesday. The development consists of a 15-story building containing 288 apartments alongside 92 townhomes housed in three-story structures. Unit configurations range from studios to three-bedroom apartments, while townhomes offer two and three-bedroom layouts.
Current rental rates at the fully leased property span from $2,483 to $7,047 monthly, according to Apartments.com data. The complex was completed in 2024, representing a rare waterfront multifamily offering in the Miami market.
Robert Given and Troy Ballard of CBRE led the marketing team for the property sale. Given characterized waterfront apartment developments in Miami as "actually quite rare," describing the transaction as a "once in a cycle offering."
RPM Living operates under the leadership of founder Jason Berkowitz, who established the company in 2002. The firm focuses on multifamily investment, development and management across market-rate, affordable and senior living sectors. RPM's development portfolio encompasses 1,700 completed units with an additional 1,500 units planned or under construction.
The company maintains a strong presence throughout Sun Belt markets including Texas, Georgia, Louisiana and Florida, while also operating communities in Minnesota and Ohio. This acquisition represents RPM's expansion into the competitive Miami multifamily market.
Integra Investments, led by Paulo Tavares de Melo, Nelson Stabile, Victor Ballestas and Cory Yeffet, has established a significant presence in South Florida development. The company has completed and has under construction over 3,100 residential units and 6.8 million square feet of real estate.
Current Integra projects include a St. Regis Residences-branded condominium tower in Brickell developed with Related Group. In West Palm Beach, the company is partnering with the Huizenga family on a $2 billion redevelopment of Rybovich Marina, featuring four condominium towers with up to 660 total units plus office, restaurant and crew amenities.
The Biscayne Shores sale joins several other significant multifamily transactions recently completed in South Florida. Property Reserve acquired a 456-unit complex near Boca Raton for $240 million, while Bowery Properties purchased a 264-unit West Kendall development for $65.5 million. LeFrak Organization also completed the acquisition of a 337-unit downtown Fort Lauderdale riverfront tower for $180 million.
