Colliers Facilitates Sale Of 45-Unit Multifamily Building For $10.9M In Coconut Grove

As the multifamily market in Coconut Grove experiences a dynamic evolution fueled by the area’s historic allure, proximity to the water, and ability to cater to the needs of a contemporary population, Colliers facilitated the sale of a 45-unit multifamily building for $10.9 million.

Known as Casa Linda, the six-story building sits on a 32,000-square-foot site at 3300 South Dixie Highway in Coconut Grove. Colliers Vice President Virgilio Fernandez represented the seller, Trizel CRE, and the buyer, Philip Rahimzadeh, in the transaction.

“This deal stands out with its remarkably swift closure in just five days and a notably low cap rate. The property, boasting 45 units under one roof, presents a rarity in Coconut Grove, where multifamily properties typically lean toward significantly larger or smaller configurations,” said Fernandez. “The buyer, recognizing the current below-market rents, will strategically adopt a value-add approach to optimize cash flow and achieve targeted returns. The property features generously sized units ranging from 800 to 1,000 square feet.”

The mid-rise apartment building features 45 spacious one-bedroom and two-bedroom units, each with an additional half bathroom, a balcony with storage, and central AC. The building’s ground floor provides covered parking, a storage room, and a lobby area.

Casa Linda is located directly along South Dixie Highway and is walkable to restaurants, parks, shops, marinas, Metrorail Stations and malls. The property is less than a mile from the Coconut Grove and Douglas Road Metro Rail Stations and near two upscale outdoor shopping malls, Merrick Park and CocoWalk, which offer high-end restaurants and stores. Due to its proximity to public transit, the property may be rezoned and redeveloped into a larger apartment project.

“The buyer entered the market through a 1031 exchange and identified this deal as an ideal match at precisely the right time. With substantial value-added potential, the property was available at the price point needed for a successful exchange,” Fernandez added. “The buyer opted to enter the South Florida market, attracted to our favorable business climate and robust fundamentals, a sharp contrast to the elevated taxes, high prices, and rent control prevalent in California and other states.”

The seller, Trizel CRE, is a full-service commercial real estate company providing diversified experience and knowledge across all areas of real estate. The company’s services span construction management, property management, brokerage and consultation.

Based in California, Philip Rahimzadeh is the managing director of Core Development Group, specializing in revitalizing and repurposing older buildings, predominantly in downtown Los Angeles.