MIAMI: South Miami Parcel Trades For Nearly $700,000 Per Acre

MIAMI: South Miami Parcel Trades For Nearly $700,000 Per Acre

Laura KefalidisCommercial Real Estate Advisor Laura Kefalidis represented both the Buyer and Seller in the sale of an 11+/- acre site located at the NW Corner of SW 136th Street and 127th Avenue in South Miami.

The Richman Group purchased the site from Tamiami Investments for $7.5 million.  The deal closed on September 2.

Kefalidis negotiated the transaction for more than a year while serving as Commercial Real Estate Advisor with Realty World, navigating through planning, zoning hearings, and permitting to secure the approval for a Class A, 240-unit, rental community.

“The availability of this high-quality parcel provided a perfect opportunity for the Richman Group to develop a luxury and affordable residential community near Tamiami Airport in line with its commitment to provide affordable housing solutions,” commented Kefalidis.

This is the fourth site Kefalidis has sold to The Richman Group. The company purchased a 19,789-square-foot multifamily property located at 850 SW 2nd Avenue in the heart of Brickell Village; a multifamily building located at 144 SW 8th Street, Miami; and a low-rise multifamily property located at 1026 SW 2nd Avenue, also located in Miami. The sale of the three parcels closed in late 2012.

According to its website, The Richman Group has thrived and grown into one of the nation’s ten largest residential property owners over the last quarter-century. Richman affiliates have developed more than 19,000 residential units. The company operates 15 regional offices from north to south and coast to coast and serves communities in 49 states, Washington D.C., Puerto Rico, the Virgin Islands and Guam.

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