Blanca Commercial Real Estate Brokers $20.5 Million Sale of Multifamily Site in West Miami-Dade, FL

Related purchased the 33 acres of land with plans to develop a 720-unit rental complex over two phases, with construction beginning later this year. End Quote

Miami, FL (1888PressRelease) February 23, 2012 - In another sign that South Florida's multifamily real estate market is on the rebound as industry developers plot their next moves, Blanca Commercial Real Estate, Inc. has completed the sale of 33 acres of developable land in West Miami-Dade County to Related Development, LLC. Related, which is among the nation's leading developers of multifamily residences, purchased the parcel from Fontainebleau Lakes, LLC for $20.5 million. The property is located at the junction of Northwest 97th Avenue and the Dolphin Expressway (S.R. 836), at the entrance to the City of Doral.

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," said Tere Blanca, President and CEO of Blanca Commercial Real Estate. "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."

Related Development's plans call for a 720-unit multifamily rental project built in two phases, each with 360-units. The complex will comprise a mix of 1-, 2-, and 3-bedroom units. Amenities will include a resort style pool, tennis courts, private garages, a fitness trail, wireless internet service in public areas and a car wash. Construction will begin in the third quarter of this year.

The property offers highly-visible frontage along the Dolphin Expressway, direct access from both NW 87th and 97th Avenues, and close proximity to Doral's commercial and retail district. The site is conveniently located nearby Florida International University and Carlos Albizu University, as well as multiple shopping centers, such as Miami International Mall and Dolphin Mall. Miami International Airport is accessible via the Dolphin Expressway, which links to the Florida Turnpike, Palmetto Expressway (S.R. 826) and Interstate 95.

###

space

Other Related Press Releases