The sales, announced in mid-January 2025, reflect the growing demand for well-maintained and strategically located apartment communities in both established and emerging markets across the state.
Aztec Group ran a broad process and received proposals for the financing of 25 Mirage from banks, life insurance companies, Fannie Mae and Freddie Mac. The financing was awarded to Ocean Bank.
The final sale price doubled the initial stalking horse bid, resulting in a significant victory on behalf of the victims.
Codina Partners previously co-owned Tower One with Invesco, while solely owning Tower Two.
Currently starting at just over $10 million, over 75% of residences are already sold.
Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors (AOZA).
The first phase of the project includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.
The $1 billion transit-oriented community will rise across from Miami-Dade County’s SMART Plan Dolphin rapid transit station as part of a public-private partnership.
Veteran industry professionals deepen the firm’s investment and development prestige to support expansion and capital deployment plans.
The property is situated on a corner lot at the high-traffic intersection of 54th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.
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