One Of Biscayne Boulevard’s Final Large Parcels Trades For $15M

Colliers has successfully facilitated the $15 million sale of a 3.23-acre multifamily development site located at 11240 Biscayne Blvd. in Miami.

Colliers Associate Julian Zuniga and Executive Vice President Gerard Yetming represented the seller, Bianca Investments, in the transaction. The property was purchased by a joint venture between Kolter Multifamily and Altman.

The transaction paves the way for the development of Alton Biscayne, a planned luxury apartment community featuring 336 units. This development will comprise a 12-story residential building, a seven-story standalone parking garage, and eight townhome flats within a detached two-story building located along the western property line. Construction is expected to begin in 2025, with groundbreaking anticipated for this month.

“This sale was structured to close upon full project approvals, allowing the buyer the required time to secure the entitlement while enabling the seller to achieve target pricing,” said Zuniga. “The transaction reinforces the strong demand for fully entitled garden, low-rise, and mid-rise multifamily sites in prime South Florida locations.” 

Located in the Biscayne Shores neighborhood, the site is among the last remaining large-scale vacant parcels with direct frontage on Biscayne Boulevard. The property offers excellent connectivity to Miami’s most desirable submarkets. It lies within a high-growth corridor that continues to attract significant multifamily development activity, including Biscayne 112 by AMAC, Biscayne Shores Apartments by Integra, and the proposed 417-unit Ram Realty community at 11320 Biscayne Blvd.

“Even amid broader macroeconomic challenges, developers and capital partners remain highly engaged in well-located projects with strong fundamentals,” said Yetming. “Sellers who provide sufficient time for approvals continue to achieve strong pricing and successful dispositions. Our team is actively working on similar opportunities across South Florida and welcomes conversations with groups interested in current or upcoming offerings.”

The Kolter Group is a leading real estate development and investment firm in the Southeast, with extensive experience across major asset classes and all phases of the development cycle. The firm’s acquisition of 11240 Biscayne Boulevard marks another step in its commitment to deliver high-quality residential communities in key Southeastern markets.