MIAMI, FL – PREMIUM sells FIRST Apartments, a 194-unit luxury apartment community ideally located less than a mile from Downtown Miami and Brickell in up-and-coming East Small Havana, for $92,000,000 to Lloyd Jones, a real estate investment firm headquartered in Miami, FL. Walker & Dunlop, Inc brokered the sale.
Construction of the high-end and modern FIRST Apartments project started in March 2020 and was successfully completed as early as fall 2021.
Building on more than 25 years of real estate experience in the European market, PREMIUM Development Inc. was founded in 2017 as the U.S. office of the PREMIUM Group. By tapping into local market expertise, PREMIUM Development Inc. leverages the experience, philosophy, and development values of the PREMIUM Group to identify and develop multifamily projects in urban cores.
“The impressive lease-up performance is a testament to the asset’s appeal and prime location, proximate to key demand drivers, entertainment venues, and transit routes,” said Roger Karré, COO of PREMIUM Development Inc.
Developed with incredible attention to detail and a focus on smart design, FIRST Apartments is the premier luxury rental option in East Small Havana. The community features spacious, luxuriously appointed apartment homes that are complemented by an brilliant amenity package, including health club quality fitness facilities, a resort-style lap pool, and an expansive bark park.
FIFTEEN, another PREMIUM project near the Miami Health District, offering 132 apartment homes within nearly 100.000 sf, will be completed in early 2023.
PREMIUM Development Inc. also bought the 2.3-acre property at 700 West Flagler Street from Presidente Supermarkets just across from FIRST Apartments in 2021. There PREMIUM will develop SON VIDA, a residential building with 375 apartments on up to 16 floors.

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KATY, TX – Sentinel Real Estate Corporation announced that it has bought The Retreat at Cinco Ranch, a 268-unit garden-style apartment community in the desirable Cinco Ranch submarket of Katy, TX, just west of Houston. The property represented an opportunity for Sentinel to buy a high-quality asset in a rapidly growing market supported by strong fundamentals.
Originally constructed in 2008, The Retreat at Cinco Ranch comprises 12 three-tale residential buildings consisting of one-, two- and three-bedroom apartments averaging 943 square feet. The first floor of the complex underwent a substantial renovation in 2019, which included the installation of modern appliances and upgraded finishes including new kitchen and bathroom cabinetry, quartz countertops, the addition of tile in kitchen backsplashes and bathroom showers, and wood-style flooring in living areas.
Legacy unit finishes at the property include granite countertops and carpet in living areas. All units include track and pendant lighting, walk-in closets and full-sized washers and dryers. Community amenities include a modern clubhouse with a fitness center, an indoor cycling studio, a resident lounge with a kitchen and coffee bar, a business center, and package lockers, a resort-style swimming pool with a sundeck and lounge area, outdoor grilling stations and a playground with a picnic area. Following the transaction, Sentinel intends to realize additional value by expanding the capital improvement program to replace legacy finishes on the second and third floors.
With The Retreat, we recognized a compelling opportunity to buy a high-quality asset in the beloved Cinco Ranch submarket, a master-plotted community that remains well insulated from new supply, said Michael Streicker, President of Sentinel. The submarket has seen significant rent and population growth, with rents increasing by 16.3 percent last year. We expect that upgrading the remaining 172 units will position the property for continued success.
The Retreat at Cinco Ranch is optimally located amid some of Houston s most upscale residential neighborhoods and within the top-ranked Katy Independent School District, enjoying access to several lifestyle, retail and restaurant destinations along Mason Road. The property offers convenient access to Houston s energy corridor along Interstate 10, which is home to the North American Headquarters for Shell, CITGO and BP, among others. Major employers in the area also include MD Anderson Cancer Center, Texas Children s Hospital and GEICO.
Sentinel has been active in the Houston market throughout its 53-year history and currently owns and operates three properties nearby, 3000 Sage Apartments, The Lodge at Cypresswood Apartments and Everlee Apartments, providing enhanced competitive positioning in the submarket. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.

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FAYETTEVILLE, NC – Morgan Properties, one of the nation s top three multifamily owners, announced it has bought two Class A apartment communities totaling 642 units in Fayetteville, North Carolina. Morgan Properties bought Westlake at Morganton and The Preserve at Grande Oaks from Walker & Dunlop on behalf of Morganton Development. With the addition of these two communities, Morgan Properties now owns and operates five apartment communities encompassing 1,530 units in Fayetteville, with additional communities in Raleigh, Charlotte, and Salisbury. This acquisition brings the company s current total portfolio to over 93,000 units nationwide.
Since our entry into North Carolina in 2016, we ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties presence in these states, said Jonathan Morgan, President of Morgan Properties JV. While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing, presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.
Located one hour south of Downtown Raleigh, the historic town of Fayetteville is home to Fort Bragg, the largest military base in the United States with over 75,000 active soldiers, reserves, contractors, and civilian employees. With direct access to I-95 and close proximity to North Carolina s three-largest cities, Fayetteville s geographic location has attracted major companies like Cape Dread Valley Health Systems, Goodyear Tire Manufacturing Plant, and Mann + Hummel, all of which have become contributors to Fayetteville s economic development.
As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we bought our first three communities there last year, said Jason Morgan, President of Morgan Properties Special Situations & Principal. “We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.
With an average vintage date of 2007, Westlake at Morganton and The Preserve at Grande Oaks are pet-friendly communities and feature Class-A amenities including a resort-style pool and fitness center with an on-site trainer, business center, entertainment lounge, a movie theater room, and more. The properties offer one-, two-, and three-bedroom, modern-style apartments with premium kitchens and baths, in-unit laundry, new appliances, spacious walk-in closets, and patios. Westlake at Morganton also offers its residents direct access to parking garages. Residents at both communities are in close proximity to well loved destinations including Cross Creek Mall, Freedom Tower Center, and Fayetteville VA Medical Center.
Morgan Properties also plans to do a $7 million value-add enhancement strategy to improve these apartment communities for its residents that will include interior upgrades and smart home technology. Plotted community amenities include a new clubhouse, dog parks, patios for grilling, bike share program and more.

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