New Biscayne Bay Apartment Community in Miami’s Hot Real Estate Market

by Isaac Benmergui, Esq on July 2, 2012

Miami needs all the rental unit properties it can build. As the national trend for vacancy rates if 5 percent, Miami’s dropped to 4.7 percent late last year and has steadily decline for the past seven quarters. Buildings in downtown Miami have vacancy rates as low as 2 to 4 percent.

Miami-based Adler Group and Atlanta-based ECI Group unveiled their plans for two 20-story apartment towers along Biscayne Bay with groundbreaking to be later this year and completion in 24 months. The site is on the former home of Mike Gordon’s Seafood Restaurant.

The rental property market is health in most metropolitan markets, but Miami’s rebound from the housing bust has sent its rental market soaring. The limited supply of available rental units has also garnered a big boost in rent prices, especially in Miami’s Upper East Side.

From commercial to residential real estate, the law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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