New York City’s KAR Properties and Miami’s Fortune International Group are pleased to announce they have bought out the remaining 81 unit inventory at Reach and Rise Residences at Brickell City Centre, two 43-story luxury residential skyscrapers located at 68 SE 6th St. and 88 SW 7th St. developed by Hong Kong’s Swire Properties. Prior to the closing, the two towers were nearly at an astonishing 90% sold; the sale of the remaining units marks the successful sell out of Swire’s residential development. Moving forward, KAR Properties and Fortune International Group will be focusing on selling the recently purchased units with Fortune Development Sales leading these efforts.
As part of the greater $1.05 billion Brickell City Centre mega-development, Rise and Reach Residences were originally completed in 2016, featuring architectural designs by world-renown Arquitectonica and interiors from Richardson Sadeki, rising to the height of 520-feet and offering sweeping views of the city via private terraces and floor-to-ceiling glass windows. Each tower contains 390 fully furnished units, with high-end kitchen cabinetry by Italkraft and premium appliances from Bosch. The half-acre sized amenities deck-level is nothing short of lush, featuring tropical gardens, outdoor fitness areas and a state-of-the-art fitness center, barbecue grills, hot tubs and heated lap and social pools, a business center and library, a full service spa with showers and a steam room, and wifi connectivity throughout all common areas.
“As fellow developers in the downtown Brickell area, we have great respect for Swire. The company has played an integral role in the transformation of Brickell,” said Shahab Karmely, CEO and Founder of KAR Properties. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Viñoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.”
South Florida has seen a massive increase in new residents as people continue to move to the region, and KAR Properties and Fortune International Group are confident in Miami’s strong market conditions, especially with the prime location and elite quality of their recently purchased condo units at Rise and Reach Residences. As for Swire Properties, will the sale of the 81 units, they can now focus on furthering the development of the remaining parcels at Brickell City Centre.