Bar Invest Group, the real estate investment, management and construction firm, is expanding with Aquarela, a 30-unit apartment building. Launching today, it will be the first of two apartments in development here. The other is Blue Residences in the Health District at 1301 Northwest Eighth Street, with groundbreaking expected in December.
Back to Aquarela, which means watercolor in Portuguese, and is found in the famous Brazilian song Aquarela do Brasil / Watercolor of Brazil, written by Ary Barroso in 1939.
Are the rents as poetic as its lyrical namesake? 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, as reported by TRD.
The building had been proceeding nicely, as evidenced by construction shot in April.
In addition to Aquarela, they've got another apartment,
While Bar Invest has roots from 1965 in France, where the Barbera family owners are from, they have been hyperactive in South Florida. They'd bought 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.
And then, they'd scooped up 27 Art Deco apartment properties in South Beach, North Beach and Bay Harbor since 2009. Renovating and renting for more is a classic business strategy. Let's see if Aquarela is a classic hit like the song whose name it shares.
· Aquarela apartments in Little Havana set to open [Real Deal]