Continental Real Estate Companies (CREC) has completed the sale of a 17.1 acre parcel at 14350 Southwest 137th Avenue in southwest Miami-Dade County’s Kendall/Tamiami submarket. The land, which is zoned for the development of up to 195 townhome units, sold for $6.9 million, equating to $403,355 per acre or $35,385 per unit.
CREC Senior Vice President, Peter Mekras, and Senior Associate, Liran Friedman, represented the seller in the transaction.
The sale continues a steady string of transaction activity that has seen CREC represent a number of owners and buyers in the sale and purchase of existing multifamily product and developable land in South Florida over recent months. This property features frontage along heavily-trafficked Southwest 137th Avenue and is adjacent to Country Walk, a 1,600-home residential subdivision. The parcel is among the few remaining developable sites in the Kendall/Tamiami submarket.
“A lack of sites available for garden style rentals drove the demand for this entitled development site in the Kendall/Tamiami area,” said Peter Mekras, Senior Vice President at CREC. “High barriers to entry, strong rental market fundamentals, quality retail amenities, and proximity to employment centers makes the site ideal for new product.”
The property is located in close proximity to the Florida Turnpike, ZooMiami, Baptist Hospital, major retailers, and Tamiami Executive Airport.
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