North Miami’s Alta Mira, a 240-unit Class A apartment development near the Aventura Mall, was recently acquired by Dome Equities of New York, generating various interior upgrades for the one-, two-, and three-bedroom units.
Vinyl plank wood flooring, granite countertops, new sinks and backsplashes have added value to the complex, a gated community with existing leisure-time amenities. The community, established in 2014, is located between downtown Miami, Fort Lauderdale and Doral. In addition to upgraded residential space, it offers proximity to colleges and shopping.
"North Miami's encouraging demographic trends, business environment, and expansive medical facilities will continue to catalyze further demand for high quality rental apartments in the area," Dome Equities' CIO Eric Jones said. "We are thrilled to bring Dome's expertise of providing value-add improvements for communities nationwide to Alta Mira."
Jones cited greater Miami’s burgeoning population as a plus for the company’s revenues. Alta Mira is the eighth joint venture between Dome and a third-party operator which will handle day-to-day management.
Dome is a private equity real estate investment firm focused on multifamily rental properties. It employs a strategy of obtaining properties at prices below replacement cost, making improvements and reselling to long-term owners within a three to five year time frame.