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Now under construction, “The Julia” (formerly No. 16 Residences) is a $100 million, 14-story residential tower that will deliver 323 upscale one- and two- bedroom apartments to one of the city’s most historic and vibrant neighborhoods.
The landlord was represented by Jeff Kelly and Owen Sagar of CBRE.
The developer completed the 485,275-square-foot rental complex in 2020, after buying the land for $8.5 million in 2014 and securing a $69 million construction loan four years later, per property records.
C&W’s Travis Herring and Katherine Ridgway of Cushman & Wakefield represented the landlord, IP Capital, in the lease negotiations.
The deal equates to about $318 a square foot for the nearly 243,000-square-foot complex.
The 100% occupied, 33,557-square-foot portfolio traded for $239,535 per unit.
The venture led by Parmenter will invest significant capital to enhance and reposition the property, establishing it as a new innovation hub in Doral.
The company manages and leases a ±4-million-square-foot, 41-property portfolio throughout the state of Florida comprised primarily of grocery-anchored shopping centers as well as mixed-use and office properties.
They were able to procure the buyer for $395,000 over list price.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of the ownership.
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