Austin-based RPM Living just wrote a very expensive love letter to Biscayne Bay, closing Wednesday, May 6, 2026, on Biscayne Shores, a 380-unit bayfront rental complex at 11295 Biscayne Boulevard in unincorporated Miami-Dade County. The deed shows a price of $151.4 million for the 8.2-acre property, which was completed in 2024 and is fully leased. The community includes a 15-story tower and 92 attached rental townhomes, and at roughly $398,000 per unit, the deal ranks among the county’s largest multifamily trades so far this year. CBRE handled the marketing assignment for the property.
Deal and buyer
According to The Real Deal, the deed identifies RPM Living as the buyer and Integra Investments as the seller, with a recorded purchase price of $151.4 million. The outlet reports that the transaction closed on Wednesday and that the number works out to roughly $398,000 per unit.
Property at a glance
Integra Investments describes Biscayne Shores as a waterfront community on an 8.2-acre site at 11295 Biscayne Boulevard, anchored by a 15-story tower with 288 apartments and 92 rental townhomes, for a total of 380 units. The project’s materials highlight more than 15,000 square feet of indoor and outdoor amenities along with waterfront elements such as a rebuilt seawall and floating docks.
Rents and the brokers’ take
Listing data on Apartments.com shows current asking rents at Biscayne Shores starting around $2,483 for studio apartments and running up to about $7,047 for larger floorplans, consistent with a new-build, bayfront property. The Real Deal reports that Robert Given and Troy Ballard led the CBRE team that marketed the asset. Given called waterfront apartment developments “actually quite rare” and described Biscayne Shores as “a once in a cycle offering.”
Where this sits in the market
Industry deal sheets show that big-ticket buyers are still circling South Florida rentals. An affiliate of Property Reserve recently paid about $240 million for a 456-unit community in Boca Raton, while the LeFrak Organization spent roughly $180 million on a riverfront tower in Fort Lauderdale, according to Commercial Observer and Commercial Observer's reporting. Taken together, those trades help explain why a scarce waterfront rental platform on Biscayne Bay remains a magnet for large, often out-of-market investors.
What’s next for residents and RPM
With Biscayne Shores fully leased and only completed last year, existing tenants are unlikely to see immediate changes to their leases as ownership shifts to RPM. Any operational tweaks or capital upgrades will hinge on RPM’s strategy once property management and financing structures are fully in place. For Integra, the disposition turns a newly delivered waterfront development into realized cash while the firm continues to advance other projects across South Florida.
