Luxury Community ‘The Mile’ Invades Miami

Greystone and ALTA Developers jointly announced the sale of The Mile, a luxury property, to Monogram Residential Trust.

TheMile1New YorkMonogram Residential Trust Inc. has acquired The Mile, a 13-story luxury rental community in Miami, from Greystone and ALTA Developers. The 120-unit development is expected to be completed during the first quarter of 2016.

Designed by architectural firm Behar Font & Partners, The Mile is located at 3622 S.W. Coral Way just feet away from the Miracle Mile shopping district. The property will feature street-level retail and includes a range of high-end amenities such as a unique indoor/outdoor social deck, which features a relaxing lounge, lush landscape, both swimming and soaking pools and a fitness center area evoking a sky deck-like experience. In-unit amenities feature stainless steel appliances, white quartz countertops, designer cabinets, expansive balconies, patios and spacious closets.

“The Mile development represents Greystone’s expansion into the Miami multifamily investment market and has allowed us the opportunity to forge new ground, while simultaneously developing solid long-term working relationships for future projects in the region,” said Jeffrey Simpson, head of Greystone Development. “We want to thank Henry Pino and ALTA Development for their roles in our growth and for a successful collaboration in creating The Mile.”

Henry Pino, partner and co-founder of ALTA Developers, said, “Working alongside Greystone on The Mile has been a fantastic experience, from breaking ground to topping off. We are thrilled with the final design, chic appeal and positive community response to the project overall.”

HFF, led by Managing Directors Jaret Turkell and Jeff Julien with Associate Director Maurice Habif, represented the seller in the transaction.

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