Resia Biscayne Drive

About Resia Biscayne Drive

Cushman & Wakefield is pleased to exclusively present the opportunity to acquire
Resia Biscayne Drive, a 216-unit garden-style development delivered in 2023. The
property conveniently fronts Florida’s Turnpike in Homestead, making it one of the
most accessible residential properties in the market, accessing Dadeland in 25
minutes, and Miami CBD within 45 minutes. Everyday necessities, including Publix
and Walmart, are located within five minutes of the property.

The property consists of 5 three-story, surface-parked buildings with top-ofmarket
amenities, including a swimming pool with lounge deck, 24-hour fitness
center, a children’s playground, and clubhouse with business center. Over the past
twelve months, Resia Biscayne Drive reduced its concessions and bad debt by 12
percentage points, while increasing net rental income by 10% compared to a year
ago. Additionally, the property has 141 units qualified for Live Local, thereby saving
nearly 50% in taxes annually.

Homestead has shown explosive growth over the past decades, nearly doubling
its population every ten years. On average, the submarket absorbs over 650
units annually. The market continues to deliver transformative projects, including
the nearly $300M sports performance hub, backed by several sporting legends,
and which will feature the Miami FC stadium, creating 4,300 jobs, 600 of which
structural. Moreover, Baptist is doubling its hospital from 150 to 275 beds in a
~$100M expansion, Southland Mall is receiving a $1.4 billion redevelopment, and
the delivery of nearly 4 million square feet of warehouse / industrial, will continue
to shape Homestead.