This week saw further proof that South Florida is multi-family real estate market is rebounding nicely as Blanca Commercial Real Estate Inc. , has just completed the sale of 33 acres of developable land in West Miami Dade County.
The site has been sold to Related Development LLC., who are one of the leading US developers of multi-family residences. They purchased the site from Fontainebleau Lakes, LLC. for $20.5 million, and the property is located at the junction of Northwest 97th Avenue and the Dolphin Expressway at the entrance to the city of Doral.
Tera Blanca, CEO and President of Blanca Commercial Real Estate represented the seller, Fontainebleau Lakes, LLC in the transaction, with the support of the firms associate Andres Del Corral. She had this to say about the transaction: “This is a prime location for infill multi-family development in an area benefiting from above average occupancy rates and significant barriers to entry. The site is centrally located and enjoys terrific expressway access. It is near both the Doral and Airport West sub-markets which are home to several multinational corporate headquarters and locally-based companies, creating built-in demand for rental housing among the workforce.”
Related Development is planning a 720 unit multi-family rental project which will be built into phases, each consisting of 360 units. The complex will include a mixture of one, two and three-bedroom units and will benefit from tennis courts, private garages, a fitness trail, a resort style pool, wireless Internet service in public areas and a car wash. Construction is scheduled to begin in the third quarter of this year.
The property is ideally located with highly visible frontage along the Dolphin Expressway. It is near to Florida International University and Carlos Albizu University, as well as numerous shopping centers including Miami International Mall and Dolphin Mail. The international airport is accessible via the Dolphin Expressway which links to the Florida Turnpike, Palmetto Expressway and Interstate 95.
If you would like more information about Blanca Commercial Real Estate’s brokerage and advisory services, then please visit their website.