SOURCE: One Fifty One at Biscayne

One Fifty One at Biscayne

September 09, 2014 10:00 ET

One Fifty One at Biscayne Sells Out

iStar Residential Sells 160 Units in Six Months

NORTH MIAMI, FL--(Marketwired - September 09, 2014) - iStar Residential announced that it has sold all 160 units it owns at One Fifty One at Biscayne in North Miami. The company, one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, engaged DevStar Realty to manage the sales, marketing and repositioning efforts at the project. The official sales campaign started in the beginning of 2014 and now all of iStar's inventory has been sold.

"We knew from the beginning of the sales campaign that we were offering a desirable product at a price point that could not be matched in the South Florida luxury condo market," said George Helmstetter, principal of the DevStar Group. "Our unit inventory offered buyers tremendous panoramic ocean views at a price that was a fraction of what nearby pre-construction projects were being sold for."

iStar Residential and the DevStar Group succeeded in reenergizing what was previously an under-performing two-tower development plagued with challenges located just off Biscayne Boulevard and Northeast 151st Street. 

A new plan to rebrand the property from "The Oaks at Biscayne Landing" into "One Fifty One at Biscayne" called for a planned multi-million dollar renovation. Cosmetic changes included repairs to the towers' façades and fresh paint throughout. The grounds were landscaped and a murky lake near the property's entrance was treated and now resembles a natural blue spring.

Next the home owners association began work on a planned $4 million amenities package approved by the City of North Miami in March 2014. Renovations to the lobbies already have been completed and four new custom elevator cabs were installed in each building. As an added safety measure, each elevator now requires a resident access card for entry and use.

Other planned upgrades include a new tennis court, a fully-equipped fitness center, a clubroom, and a new pool deck and patio area. A new guardhouse currently under construction will provide 24/7 secure access.

"We understood there was unlocked potential in this property and knew that iStar's offering would appeal to a broad spectrum of buyers," said Anthony Burns, principal of the DevStar Group. "The units averaged 1,800 square feet and offered incredible views of the Sunny Isles skyline, natural preserves and the Atlantic Ocean. We provided buyers with an opportunity to purchase on the ground floor of what will be a significant long-term development project that promises to reinvigorate the City of North Miami."

One Fifty One at Biscayne is located next to the much-anticipated mixed-use master-planned community called Biscayne Landing. Biscayne Landing is being developed by Oleta Partners which includes LeFrak, the New York based company that maintains one of the largest real estate portfolios in the United States."

Prices started at $240,000 for the two-and three-bedroom residences.

ABOUT ONE FIFTY ONE AT BISCAYNE:

One Fifty One at Biscayne, located just off Biscayne Boulevard and Northeast 151st Street in North Miami, consist of two unique residential towers that offer panoramic views of the Sunny Isles skyline, natural preserves and the Atlantic Ocean. Millions of dollars of planned improvements including a new amenities package with a swimming pool, tennis court, residents-only clubhouse and more will complement the already attractive natural setting of One Fifty One at Biscayne. For more information, visit 151atBiscayne.com

About iStar Residential:

iStar Residential is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested $10 billion in residential projects since 1993. iStar Residential's portfolio has included interests in over 18,000 condominium units in the nation's top markets and 65,000 acres in master planned communities having the potential for an estimated 50,000 single family and multifamily units. The Company's unique, fully-integrated platform extends from property entitlement and development to construction, bridge and long-term financing through asset servicing, property and portfolio management. iStar Residential is a division of iStar Financial Inc., a $6 billion finance and investment company focused on the commercial real estate industry and traded on the New York Stock Exchange under the symbol "STAR." iStar Residential is not affiliated with The LeFrak Organization.

About The DevStar Group:

The DevStar Group is a development, sales and investment firm headquartered in Miami, FL that focuses on the high-end residential condominium market. DevStar principals have spearheaded the redevelopment and sales efforts of some of South Florida's most exciting luxury condominium projects including the 47-story Paramount Bay located in the Edgewater District of Miami and Ocean House South Beach, a collection of boutique oceanfront residences located in the exclusive South of Fifth neighborhood. The principals of The DevStar Group are Anthony Burns and George Helmstetter.

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