Alpaca Real Estate and Phoenix Realty Group Acquire 269-Unit Bay Pointe in Miami

Alpaca Real Estate and Phoenix Realty Group announced the acquisition of Bay Pointe, a 269-unit multifamily community in Miami's South Kendall submarket. The firms acquired the property through a joint venture.

The 7-story property was built in 2024 and is located adjacent to Palmetto Bay with direct access to U.S.-1 / South Dixie Highway and Florida's Turnpike. Bay Pointe offers a resort-style pool, 24-hour fitness center, business center, resident lounge, and gated garage parking.

In-unit amenities include quartz countertops, stainless steel appliances, 36-inch cabinets, in-unit washer and dryer, and hard surface flooring throughout.

According to the announcement, the acquisition reflects the partners' focus on multifamily properties serving middle-income renters in high-growth markets. The property recently completed lease-up and is 95% leased. The joint venture will institute Willow Bridge as the property manager to stabilize the asset and create a resident experience.

"Bay Pointe presents an attractive opportunity to acquire a newly delivered multifamily community in one of South Florida's most dynamic rental markets," said Daniel Carr, Co-Managing Partner of Alpaca Real Estate. "Our data-driven investment platform, which evaluates hundreds of similar development and existing assets, highlighted the acquisition basis and outsized yield as particularly attractive today. We look forward to implementing a focused stabilization plan that enhances operations, delivers a high-quality resident experience and expands access to naturally occurring affordable housing."

"Bay Pointe is a strong fit for Phoenix Realty Group's strategy of investing in well-located multifamily communities where disciplined operations can create durable value," said Keith Rosenthal, Co-Founder, Chief Executive Officer and President of Phoenix Realty Group. "We are pleased to partner with Alpaca Real Estate on this acquisition and bring our local South Florida experience and operating platform to the property."