KAR Properties and Fortune International Group have bought the remaining 81-unit inventory at Reach and Rise Residences at Brickell City Centre, according to a press release.
This marks the sell-out of the residential development by Swire Properties. The condominium towers serve as an anchor for the landmark mixed-use property.
“As fellow developers in the downtown Brickell area, we have great respect for Swire,” Shahab Karemely, CEO and Founder of KAR Properties, said in the release. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Vinoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.”
“Brickell City Centre has enhanced Miami’s Brickell neighborhood bringing high-end retailers, global cuisine and entertainment to the community. As Miami’s global appeal and market demand rises, real estate continues to be a smart investment option, “ Edgardo Defortuna, president and CEO of Fortune International Group, said in the release. “Our firm has had long-term success in the industry with a strong grasp on what is happening in the South Florida market, it is clear that Swire Properties has developed a landmark destination for the community.”