Berkadia announced that it has arranged the sale of a 22-acre multifamily development site in the fast-growing city of Port St. Lucie, Florida to Ciprés, a newly formed real estate development firm led by Diego Ojeda of Rilea Group.
Omar Morales, Jaret Turkell, Roberto Pesant, and Yoav Yuhjtman of Berkadia Florida, arranged the off-market sale, while the buyer (PSL Apartments, LLC) purchased the site for $8.5 million from seller, Sympatico Real Estate (PSL Holdco, LLC), owned by the Morrison Family. Javier Herrera from Franklin Street acted as the land lender broker, and Vertix Group, based in Miami, provided the financing.
With over four decades of development experience in South Florida, Rilea Group has delivered iconic projects such as 1450 Brickell office tower, home to Miami’s JP Morgan’s headquarters, Sabadell Financial Center, and The Bond. Now, under Ciprés, the company is set to bring its expertise to Port St. Lucie, fostering growth and development in the area.
“As the fourth fastest-growing city in the nation, Port St. Lucie offers great economic potential, making it an ideal location for our expansion,” said Diego Ojeda, President of Rilea Group and Founder and CEO of Ciprés.”We are committed to providing fantastic amenities and a high quality of living for our future residents.”
“The Treasure Coast region is poised for growth,” said Morales. “With South Florida constrained on both sides by the Everglades and Atlantic Ocean and land increasingly scarce, many developers – and renters – are looking northward to markets like Port St. Lucie where there is more available land, rents are lower, and major employment centers like West Palm Beach and Fort Lauderdale are still accessible by car or Brightline commuter train, which is adding new stops along the coast.”
“Ciprés’ clear vision made this transaction seamless, and I am confident that his project will enhance the surrounding community,” said Paco Hill, Owner of Sympatico Real Estate and a Port St. Lucie veteran developer.
Ciprés’ inaugural project, The Rider, is a 146-unit luxury condominium being developed at the crossroads of Miami’s Midtown and Wynwood neighborhoods with an “Old Hollywood” rock-and-roll theme, reflecting Ciprés’ commitment to innovative and distinctive real estate ventures. Sales are currently underway, and the project is expected to break ground later this year.
