Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a fully approved development site, 315 Urban Flats, in Miami, Florida. The asset was sold for $10 million.
“Despite rising development costs and the high-interest rate environment, shovel-ready projects are still commanding a premium,” says Eddie Toledo, vice president investments. “The sale of this fully approved 179-unit development site illustrates that.”
Toledo and Jonathan De La Rosa, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller Frank Lopez and Pedro Munilla and procured the buyer, Astor Acquisitions, LLC.
The site, located at 315 NW 27th Avenue, spans 50,782 square feet on a 1.17-acre plot in Little Havana, near iconic Calle Ocho Street and the 836 Expressway. All construction plans for 315 Urban Flats are approved by the City of Miami and Miami-Dade County, allowing immediate commencement post-closing.
This 144,000 SF, 8-story apartment tower includes an approximately 118,000 SF, 5-level parking garage consisting of one (1) underground parking level and four (4) above-ground parking levels. The structure’s design consists of post-tensioned concrete slabs, reinforced concrete columns and spread foundations. BCC Engineering provided structural construction documents, construction administration, and threshold inspections.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
