Dome Equities today announced its acquisition of Alta Mira, a Class A apartment community in North Miami, the firm’s eighth Florida property. Built in 2014, Alta Mira has 240 units, and is conveniently located between Downtown Miami, Fort Lauderdale and Doral, which provides access to over 58 million square feet of office and industrial space. The property sits across from North Miami’s Whole Foods, is near the Aventura Mall, Target, Miami Shores Country Club, as well as within a five-mile radius of four universities. The community consists of one, two and three bedroom units with an average square footage of 932.
Dome’s value-add strategy for Alta Mira includes installing vinyl plank wood flooring throughout each unit, granite countertops, upgraded sinks in kitchens and bathrooms, a subway tile backsplash in kitchens, gated access, exterior repaint, enhanced landscaping, and poolside cooking facilities.
“North Miami’s encouraging demographic trends, business environment, and expansive medical facilities will continue to catalyze further demand for high quality rental apartments in the area,” said Eric D. Jones, Dome Equities’ Chief Investment Officer. “We are thrilled to bring Dome’s expertise of providing value-add improvements for communities nationwide to Alta Mira.”
Dome’s real estate portfolio totals nearly $1.27 billion, of which 94% are apartment properties located in 20 metropolitan areas in the United States.
Jones further stated, “Greater Miami’s population is growing twice that of the national rate, and coupled with near term job growth, will augment Dome’s positive return profile.”
Alta Mira is jointly owned with a Florida headquartered multifamily operator and will be professionally managed by the operator. Alta Mira represents the eighth joint venture between Dome and the multifamily operator. The Alta Mira apartments are the newest asset in the North Miami/Bayshore submarket.