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E/MAX 360 Coral Gables announced their representation of Beitel Group in purchasing 3333 Biscayne Boulevard, Miami, Florida. The 2.8-acre location at the northern end of the Edgewater neighborhood is an assemblage of 11 parcels with substantial Biscayne Boulevard frontage. Beitel Group paid $45 million for the property, its first transaction in the Miami market.
Keiti Silva, a sales associate at E/MAX 360 Coral Gables said in a statement, “The purchase of a large-scale site like this one at 3333 Biscayne Boulevard shows the continuing appeal of this vibrant intracoastal waterfront community. The Beitel Group has a history of pursuing value-add properties, and this purchase is consistent with its competencies in multifamily and development projects.”
The seller of the property, Miami Sunrise Properties LLC, controlled by Jose Afonso Assumpção, founder of Brazilian airplane charter and sales company Lider Aviacão is a long-time business acquaintance of Ms. Silva. Realizing the site’s zoning and permitted uses, including multifamily housing, she connected seller and buyer.
Recently, Edgewater has experienced significant population growth at 6.54%, driven by an influx of luxury apartment buildings, high-rise condos, and low taxes. The area’s access to air, rail, and the I-95 corridor contribute to its favorability.