Lloyd Jones has expanded its Miami multifamily portfolio with the acquisition of First Apartments, a luxury mid-rise community in the metro’s East Little Havana neighborhood. Premium Development sold the 90%-occupied property for $92 million. Walker & Dunlop represented both parties in the transaction.

Austrian-based Premium Group opened Premium Development in Miami in 2017, and the project marks the company’s first multifamily development in the U.S. The firm broke ground on the 194-unit project in March 2020 and completed it in late 2021. In February 2020, the developer received $35 million in construction financing from Man GPM, according to Miami Today. The local news outlet also revealed that the project's total cost was $165 million.

Located at 700 SW First St., the property is roughly 1 mile away from downtown Miami and within 2 miles of the city’s Brickell neighborhood. According to Walker & Dunlop’s Still Hunter, First Apartments provides residents with a more moderately priced, central luxury rental option compared to communities in Brickell and downtown Miami.

Premium has a 132-unit project underway near the Miami Health District, expected to come online in early 2023. Last year, the company also acquired a 2.3-acre property at 700 W. Flager St., just across from First Apartments. Premium paid $15 million to Presidente Supermarkets for the site, The Real Deal reported. Plans call for a 16-story, 375-unit multifamily community dubbed Son Vida.