Lazul Apartments

In November of 2015 FVP partnered with Eden Multifamily and the Hunt Company to acquire a 2.6 acre land parcel in North Miami Beach approved for a 354 unit multifamily development. The site is located in the City of North Miami Beach Community Redevelopment Agency District (CRA) and therefore benefited from TIF (Tax Incremental Financing) reimbursement for the remainder of the CRA term – approximately 14 years (2028). Because of the annual ad-valorem tax rebate of approximately 75% of both the County and City ad- valorem taxes (projected to be approximately $540,000, growing in proportion to any subsequent tax increases) the opportunity provided the partnership a well locted, ture urban infill location in a fully build out neighborhood with added development incentives. The project received full approvals and the JV broke ground in late 2016.


Location North Miami Beach

Address 2145 NE 164th Street

Property Type Mid-Rise

Description Urban Infill

Acreage 2.58

Number of Units 354

Average Unit Size 886 SF

Parking Spaces 596

Parking Ratio 1.67 per unit


Completed Dec-18

Total Capitalization $89,000,000

Total Capitalization Per Unit $251,412

Co-Developer Eden Multifamily