PREMIUM has sold First Apartments, a 194-unit luxury apartment community less than a mile from downtown Miami, and Brickell in up-and-coming East Little Havana, for $92 million to Lloyd Jones.
Construction of the high-end First Apartments project started in March 2020 and was completed in the fall of 2021. The community features spacious, luxuriously appointed apartment homes that are complemented by amenities, including health-club-quality fitness facilities, a resort-style lap pool, and an expansive bark park.
“Since opening its doors in late September, First Apartments has enjoyed an increase in lease rates, with recent leases signed for more than 25 percent above initial leases,” said Roger Karré, COO at Premium Development. “With rental rates that are nearly $500 below communities with comparable finishes and amenities, First Apartments enjoys the enviable position as the best value in the local competitive set. The impressive lease-up performance is a tes
