Miami Apartment Tower Nearing Full Occupancy

July 27, 2017   |   Multi-Housing News

By: Timea Papp

Read on: www.multihousingnews.com

The Terra Group’s Bayshore Grove, a 98-unit apartment tower in Miami’s Coconut Grove neighborhood, is 80 percent leased only six months after the company completed a full-scale renovation at the property. The seven-story building is occupied by a mix of young professionals, families and empty nesters.

Located at 2655 S. Bayshore Drive, the property features on-site management, 24-hour concierge services, an outdoor pool with private cabanas, a fitness center, a laundry service and a clubroom with coffee service. Additionally, the building offers bike storage, an outdoor yoga space, covered parking and valet dry cleaning. Apartment amenities include designer kitchens with modern cabinets, granite countertops, stainless steel appliances, plank flooring, impact-resistant windows and sliding glass doors.

STRONG DEMAND DRIVERS

Bayshore Grove sits on a 1.53-acre site across from the Grove Marina Bay, attracting renters who work in Coconut Grove, downtown Miami or adjacent neighborhoods including Coral Gables, Brickell, and Key Biscayne. The location offers access to the waterfront, nearby parks and Coconut Grove’s growing collection of restaurants, boutiques, and nightlife venues.

“We’re seeing strong demand from local millennials—university students, young professionals, area employees—who can’t necessarily afford to buy a new luxury condo but still want to take advantage of everything Coconut Grove has to offer,” said David Martin, president of Terra, in prepared remarks.

KW Property Management is spearheading leasing efforts at Bayshore Grove. Residents can choose from 16 different floor plans, with monthly rents for one-bedroom units available from $1,950 and two-bedroom units starting at $2,950.