JLL Capital Markets announced that it has closed the sale of CoralGrove Brickell, a 0.53-acre, residential development site planned for 85 units, located between Brickell and Coral Gables in Miami, Florida.
JLL marketed the property on behalf of the seller, an investment group from South America. Empira Group, a Swiss real estate firm acquired the asset.
Designed by award-winning Revuelta Architecture International, CoralGrove Brickell is planned to include 85 units, consisting of one-, two-, and three-bedroom apartments. Amenities consist of a fitness center that incorporates spaces for yoga and spinning, a rooftop resort-style pool overlooking the city, a gourmet kitchen and a game room. The ground floor will have about 900 square feet of retail space.
CoralGrove Brickell, which is a five-minute walk from the Viscaya Metrorail Station, will promote walkable urban living. Future residents will be able to trade their cars for the Metrorail to travel around the tri-county area, committing the project to the highest ESG standards. The project will be LEED certified.
The JLL Capital Markets Investment Advisory team representing the seller was led by Directors Max La Cava and Simon Banke, with support from Analyst Danielle Fernandez.
“CoralGrove Brickell is one of the most exciting boutique residential projects in Miami,” said La Cava. “It is perfectly positioned to capitalize on the influx of high-paying tech and finance jobs moving from New York City, Chicago, and San Francisco. Empira’s entrance to the Miami market is a big deal as they look to expand in South Florida and across the US.”
South Florida’s booming economy and thriving job market have transformed the area into an economic powerhouse. Miami has attracted high-profile tech, private equity and finance firms from major high-paying employment hubs. Blackstone, Citadel, Spotify, Thoma Bravo and Marsh Insurance, among many others, have opened or significantly expanded their offices in Miami in recent months.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
