Buyer Assembles Half-Block In West Brickell

Someone is assembling land near I-95 in Brickell:

 

Update: The buyer locked the property under contract over a year and a half ago.

 

West Brickell Multifamily Buildings Fetch

Above-Asking Price After Only Two Days On Market

Buyers Quick To Take Advantage Of Limited Remaining Opportunities

Miami, FL – August 4, 2014

Mika Mattingly of Sterling Equity Realty Commercial represented Sellers Roque G. Rodriguez and Jason Rodriguez in the sale of two multifamily buildings nestled in the heart of the emerging West Brickell neighborhood.

Cumbria Apartments, LLC, represented by Gabriel Reategui Real Estate & Investment, LLC, purchased the buildings, located at 221-233 SW 12th Street, for $2,700,000.

The buildings, which total 6,420 square feet, feature 10 units on a 15,000-square-foot lot.

Brickell has seen a transformation with the addition of condos and office towers for the past 8-10 years, but the West Brickell neighborhood only recently began to evolve. With Mary Brickell Village and the completion of Brickell City Centre in 2015, the Brickell area is and will continue to become a desirable place to live, work and play.

“The sale represented a win-win for the buyer. This parcel was part of a larger assemblage, allowing the buyer to acquire almost half a city block of contiguous properties in a booming neighborhood. The buyer clearly recognized the unique opportunity and submitted a purchase price above asking after only two days on the market,” commented Mattingly.

The sale closed Thursday, July 31, 2014.

 

10 Comments
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Andrew
6 years ago

There isnt nearly enough affordable housing in South Florida. If this city ever wants a good foundation of real middle class citizens. Then many more of these condos are needed. Crime is everywhere. Not related to nice, affordable housing.

Ed
6 years ago

Does anyone know what that 20 floor building right across the street from this is? Looks like has been topped off. Any insights into what kind of entity this is? Looks more like some cheaper “affordable” housing. Wish that is not the case. heard the other day that one of those new affordable housing building in west brickell, that people think we need much of, had a group of intruders go into nonsecured parking garages and broke into cars.

Dave
6 years ago

The building that just topped off is City Crossings and yes it is an “affordable” rental building.

Anonymous
6 years ago

Why do you say “heard the other day that one of those new affordable housing building in west brickell, that people think we need much of”

Do you not think its needed?

XVS
6 years ago

It happens in luxury condominiums also, with decent security in place. Non-event.

Anonymous
6 years ago

Miami does very much need affordable housing. And yes it is true that there is not enough decent affordable housing in and around the downtown area at present. Without the affordable housing, downtown will ultimately fail as a long-term all-around community, which is what everyone says they want. You need places to live for those who work in the service industry jobs that will serve the downtown community over the long haul. It is not realistic to expect such people to commute from Broward or West Dade, for instance. They too must be able to live where they work if this is to become the World Class, viable community that is envisioned. Having nothing but million dollar condos is not going to cut it.

gregory
6 years ago

Calm down people, after the next bust the next boom will be more affordable housing.

macon
6 years ago

gregory is right. the number of marquee land development sites for luxury condos will diminish greatly by the end of this cycle. the only logical next step is creative development and affordable development in neighborhoods that won’t merit luxury condo development.

gregory
6 years ago

Exactly and it has actually already started in Overtown.

xiomara gomez
6 years ago

Hello,

I’m interested in The new bldg, called city crossing. If this will be an affordable housing, does anyone know what are the prices, and is this going to be a rental condominium? Where and when can I apply.

Thank you.