Multifamily developer The Morgan Group and a client of Invesco Real Estate formed a joint venture to buy and develop a 3.1-acre site located at the heart of the Dadeland Golden Triangle near the nexus of U.S. 1, Kendall Drive, the Palmetto Expressway and Metrorail. The site is situated opposite of Dadeland Mall, which is considered one of the most successful regional malls in the country.
Dayco, the seller of the property was represented by HFF which also worked with Morgan to secure development equity through the joint venture with Invesco, and previously arranged a refinancing of the site in the fourth quarter of 2012, according to a report by Citybizlist South Florida. Members of the broker team were executive managing director Manny de Zárraga, managing director Matt Kafka, directors Chris Drew and Jaret Turkell, and senior real estate analysts Maurice Habif and Jorge Portela.
“The development potential for the site, including residential housing to be developed by Morgan, is driven by the close proximity of major employment generators including Baptist Hospital System and the University of Miami,” according to a press release issued by HFF. “Dadeland Mall’s recent 102,000-square-foot expansion highlights the strength of this location.”
A Pierce-Eislen market statistics report states that 30 residential developments are currently under construction in Miami totaling 6051 apartment units. At the same time, apartment-property sales during the past two years have grown 15 percent for properties with 50 or more units.
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