JV Revives South Florida's Filling Station As Apartments

Theresidential recoveryin South Florida has been so fast that the supply of unfinished residential properties is dwindling. One exception: Filling Station Lofts in the Edgewater submarket. The 81-unit, 103k SF tower started construction back in '06. A partnership between NR Investments and Taho Investments recently inked a deal to acquire the unfinished property and finish it as apartments. "Opportunities like this in metro Miami are very rare," PCCP's Kevin Chin tells us. "Most of the residential construction in the market today is planned for condo sellout." PCCP recently originated a $15M acquisition loan for the property.

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