Bar Invest Group is launching a 30-unit apartment building in Miami’s Little Havana neighborhood, as the real estate investment, management and construction firm expands its South Florida holdings.
Aquarela, at 401 Southwest 17th Avenue, will be the first of two new apartment buildings the Miami-based firm is developing. The project will officially launch on Friday, Hervé Barbera, vice president of Bar Invest Group told The Real Deal.
One-bedroom, 800-square-foot apartments will rent for $1,650 a month; two-bedroom, 1,000-square-foot apartments, $2,100, or a little over $2 per square foot. Bar Invest Group purchased the land for $900,000 in 2004, Miami-Dade property records show.
Bar Invest is owned by the Barbera family of France, with roots dating back to 1965.
Hervé Barbera’s father, Jacques Barbera, chairman of Bar Invest, launched the Miami company in 2001. The first project was co-developing Mary Brickell Village with Constructa, which the companies sold to Quebec-based Ivanhoe Cambridge for $135 million in 2005.
Since then,Bar Invest Group has been actively acquiring commercial properties in South Florida. The firm spent $36.8 million this year with the purchases of University Commons in Tamarac for $10.7 million, Palm Johnson in Pembroke Pines for $8.5 million, and Palm Square in Pembroke Pines for $17.6 million.
Bar Invest also has acquired 27 Art Deco apartment buildings South Beach, North Beach and Bay Harbor since 2009, totaling 373 apartments.