Related Buys 33-acre Site for New Multifamily Community
- Feb 24, 2012
Related Development is one step closer to building its newest rental community in West Miami-Dade, as the residential developer recently purchased a 33-acre site for $20.5 million. The property, located at the junction of Northwest 97th Avenue and Dolphin Expressway, will eventually be home to 720 multifamily units.
The rental project will be built in two phases. Phase I will break ground in the third quarter of 2012 and will consist of 360 units, a mix of one-, two- and three-bedroom apartments. The complex will feature a resort-style pool, tennis courts, private garages, a fitness trail, wireless internet service in public areas and a car wash.
Due to the magnitude of the project, location represented a key factor for Related. Conveniently located near Florida International University and Carlos Abizu University, the 33-acre West Miami-Dade site provides ease of access to Doral’s commercial and retail district and Miami International Airport.
Blanca Commercial Real Estate President and CEO Tere Blanca represented seller Fontainebleau Lakes LLC in the transaction. She was supported by firm associate Andres del Corral.
“This is a prime location for infill multifamily development in an area benefitting from above-average occupancy rates and significant barriers to entry,” says Blanca. “The site is centrally located and enjoys terrific expressway access. It is near both the Doral and Airport West submarkets, which are home to several multinational corporate headquarters and locally based companies, creating built-in demand for rental housing among the workforce.”
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