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Big Things Miami

Cashflow In Miami
October 21, 2021
Big Things Miami!!

8215 and 8217 Southwest 72nd Avenue, South Miami

Biggest multifamily sale of the year recorded at $371 million!!

Starwood Property Trust paid $371.1 million for two apartment towers near Dadeland Mall, marking the most expensive multifamily investment sale of the year in South Florida. The two 25-story buildings have a combined 844 units. The Starwood real estate investment trust paid nearly $440,000 per unit for property. It appears that Mill Creek sold its ownership in the property by selling the company that owns the buildings. A deed has not been recorded. The sale closed Aug. 25. Boca Raton-based Mill Creek built the first Palmer Dadeland tower in 2018 and the second tower in 2020. The units average 951 square feet, and the buildings have nearly 1,200 parking spaces. The LEED Silver-certified towers include a business center, fitness center with spin and yoga rooms, a two-story billiards lounge, game room, two rooftop decks, a pet spa and pools.

15300-15380 S.W. 136th St , Tamiami

Tamiami $123 million sale in the books!!

Miami-based AHS Residential sold two recently completed apartment complexes in South Florida for a combined $123 million to AEW Capital Management. In the bigger deal, Tamiami Business Park LLC, the affiliate of AHS Residential, sold the 264-unit apartment complex at 15300-15380 S.W. 136th St. for $67.5 million, or $255,682 per unit, to MP Miami LLC, part of AEW. It’s located on an 8.74-acre site near Miami Executive Airport. At the same time, AHS Residential affiliate Village at Banyan Ridge LLC sold the 228 apartments at 7065 Banyan Leaf Drive for $55.5 million, or $243,421 per unit, to MP Banyan Ridge LLC, an affiliate of AEW. It was developed on a 10.4-acre site just off Florida’s Turnpike.

6821, 6851, and 6861 on S.W. 44th Street between S Miami and Coral Gables

Bulk sale takes place in SW Miami!!

A Boca Raton-based real estate investment firm closed on a $9.1 million bulk condo purchase in southwest Miami-Dade.

The company, managed by Glenn Alba, CEO of Opterra Capital, bought 39 condos at the Gables Court Condominiums, a 160-unit complex at 6821, 6851 and 6861 Southwest 44th Street, between South Miami and Coral Gables, according to records. The deal equates to roughly $233,333 per unit.

1000 Northwest 23rd Street, Allapattah

Rubell family buys a warehouse next door!

Jason and Mera Rubell of the art collector family paid $5.4 million for the former Hightop Products warehouse at 1000 Northwest 23rd Street in Allapattah. The nearly 29,000-square-foot warehouse, built between 1946 and 1951, has been in the Vazquez family for decades. It last sold in 1980 for $400,000, records show. Records show Jason and Mera Rubell are managers of an LLC named after the property next door to the warehouse they just acquired. Carrera Family Investments owns the nearly 1.5-acre property, which also includes a warehouse.The Rubell Museum was redeveloped on the site of a former food processing complex. The 100,000-square-foot campus features 40 galleries, a library and restaurant.

2300 to 2340 NW Seventh Avenue and 3100 NW Seventh Avenue, Allapattah

634 Northwest 22nd Street in Allapattah                                

Moishe Mana closes on the land in Allapattah.

They include a 12,900-square-foot warehouse and a roughly 9,800-square-foot warehouse on land totaling nearly 1.5 acres. Mana also paid $6.2 million for a development site at 634 Northwest 22nd Street in Allapattah, where he could build an e-commerce logistics center. An eight-story building with signage fronting I-95 can be built on the industrial site.

In total, Mana and his companies have spent more $400 million on more than 60 properties downtown spanning over 1.3 million square feet. In July, he added to his portfolio with a $12.4 million parking lot downtown.

In Allapattah, Mana’s holdings include the former McArthur Dairy site at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre.

3055 Burris Road to 3055 Burris,Davie

$64 million was paid for the Twin Lakes Travel Park, a trailer and TV park in Davie! Sold 38.51 acres at 3055 Burris Road to 3055 Burris Owner LLC, an affiliate of Schaumburg, Illinois-based Industrial Outdoor Ventures. The Buying LLC uses the Chicago address of Stockbridge Real Estate, which formed a joint venture with IOV in March to develop warehouses and outdoor storage centers. The site is located just south of Interstate 595, between Florida’s Turnpike and State Road 7. For the past 40 years, it has hosted a trailer park for vacationers featuring a pool, a lake and a clubhouse.

501, 511-515, 535, 545 North Andrews Avenue; 500-508, 510, 512, 516, 528, 530 and 548 Northwest First Avenue; 10 Northwest Sixth Street and three parking lots dispersed between the buildings.

Hines bought the development site in Fort Lauderdale’s FATVillage for $57.4 million. Hines bought roughly 15 lots on the west side of North Andrews Avenue between Fifth and Sixth streets from an affiliate of Fort Lauderdale-based Urban Street Development.

Houston-based Hines earlier this year announced plans to build a seven-story, 180,000-square-foot building. It is planned as part of Hooper’s envisioned FATVillage mixed-use project that will span 5.6 acres and 835,000 square feet of office, retail and residences, according to an April news release from Hines.

Urban Street Development is a joint venture partner on the project with Houston-based Hines, led by Jeffrey Hines.

Hooper, who has been assembling the site for years, bought the holdout piece at 516 Northwest First Avenue in 2020 for $5.5 million.

The entire project is part of the bigger FATVillage district. The acronym is for Flagler Arts Technology. The once rundown area with mostly industrial and other low-rise commercial buildings now is seeing a rebirth similar to Miami’s Wynwood. Both districts have morphed into well-known art and retail hubs.

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