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Miami, FL – August 12, 2024 – Miami-based real estate development firm 13th Floor started construction of its newest South Florida project: Parks at Hallandale, a multifamily development located on the southeast corner of Pembroke Road and North Federal Highway in Broward County’s City of Hallandale Beach. The 15.5-acre development encompasses 398 market-rate and workforce apartments across a series of five-story buildings and includes approximately 6,500 square feet of ground floor retail. CIBC Bank USA provided an $83 million loan for the construction of the project. Berkadia’s Florida team, led by Scott Wadler and Alec Fox, sourced preferred equity for the project, which was provided by Houston-based Marble Capital. Delivery of Parks at Hallandale is estimated for 2026.
“We are excited to begin construction at Parks at Hallandale. Located at the confluence ofMiami-Dade and Broward Counties, the City of Hallandale Beach has emerged as a hub of dynamic growth in recent years, and this development underscores our commitment to meeting the escalating demand for quality housing in one of the region’s most coveted submarkets,” said Arnaud Karsenti, Managing Partner of 13th Floor Investments.
Designed by MSA Architects, apartments at Parks at Hallandale will include studios, one-, two- and three-bedroom units ranging from about 600 to 1,400 square feet in size. Residence features include granite and porcelain countertops, stainless-steel appliances, spacious kitchen islands, luxury vinyl flooring, 9’ ceilings heights, and in-unit washers and dryers. The community will include a variety of amenities including a clubhouse, fitness center, resort-style pool and deck, an outdoor pavilion and seating areas with barbecue grills, tennis and pickleball courts, a dog park, and a children’s playground.
13th Floor’s plans for the community also include improvements to the surrounding streetscape along Northeast 1st Avenue, implementing the City of Hallandale and Broward County’s vision for Complete Streets, which will include enhancements made to the road, sidewalks, pedestrian access, and an expanded bike lane.
“We are pleased to continue our longstanding partnership with CIBC Bank USA and to collaborate with Marble Capital on Parks at Hallandale,” said Daryl Shevin, Chief Financial Officer, Principal of 13th Floor Investments. “Together, we look forward to other milestones in the near future.”
With nearly 40,000 full-time residents, the City of Hallandale Beach has one of the fastest-growing populations in Broward and Miami-Dade counties. The vibrant, coastal community is a prime location for investment, with numerous newly completed residential and commercial projects and more than $1 billion in new development projects either under construction, planned or approved by the city. Hallandale Beach is conveniently situated between Fort Lauderdale and Miami, directly adjacent to the City of Aventura, and provides easy access to the Fort Lauderdale/Hollywood and Miami International Airports, Port Everglades, Port of Miami, and I-95. As a year-round mecca for world-class shopping, dining, entertainment, Hallandale Beach is home to notable venues including Gulfstream Park Racing and Casino and The Big Easy Casino.
Since its founding in 2008, 13th Floor Investments has completed 3,900 residential units across South Florida, with a robust pipeline of more than 4,800 units in development and under construction slated to be delivered over the next few years. Today, the firm is focused on the development of luxury residential and mixed-use multifamily developments, growing the firm’s industrial portfolio, and expanding its single-family homebuilding business, 13th Floor Homes, with five housing communities currently in development.
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About 13th Floor Investments:
Founded in 2008, 13th Floor Investments is a boutique real estate investment, management, and development firm based in Miami, Florida. With a geographic focus on Florida and the Southeast U.S., 13th Floor has managed $5.5 billion in real property, with over 60 investments to date across residential, commercial, multifamily, industrial, value-add, and development projects with a geographic focus on Florida and the Southeast U.S. With a reputation for creative structuring and deal-making, the firm invests in value-add and opportunistic transactions on behalf of individual and institutional investors with a leverage-light strategy targeting returns in excess of 2.0x multiple and 20% IRR.
Recent developments and current projects within the company’s portfolio include: transit-oriented development (Link at Douglas in Miami, FL); master planned mixed use developments (On the Trail in Greenville, SC); multifamily developments (Parks at Delray in Delray Beach, FL); single family home communities (Marina Landings in Fort Lauderdale, FL; Villas of Torino and Tredici at Central Park in Port Saint Lucie, FL; and Solera at Avalon Trails in Delray Beach, FL). Learn more at www.13fi.com.
Media Contacts:
Allie Schwartz Grant, 305-308-6351, allie@schwartz-media.com
Paola Colberg, 305-517-5844, paola@schwartz-media.com
