META Development Closes $15M Sale at Colette Residences

• A single international buyer paid $15M for four residences (9,029 SF) at Colette Residences, 1870–1880 Brickell Ave, South Brickell
• The deal pencils at $1,661/SF; the four units combine into two custom duplex townhouses spanning two full floors
• META Development's 38-unit boutique project is backed by an $18.5M loan from BridgeCity Capital; completion is slated for 2028
• Eklund | Gomes at Douglas Elliman brokered the sale exclusively

A $15M Assemblage Inside a 38-Unit Building

An international buyer just did something almost impossible to do in Brickell: acquire enough square footage to build two private homes inside a boutique condominium.

The buyer purchased four residences at Colette Residences totaling 9,029 square feet for $15 million, or $1,661 per square foot. The units will be combined into two separate duplex townhouses, each occupying a full floor of META Development's five-story boutique project at 1870–1880 Brickell Avenue. With only 38 total residences in the building, the buyer effectively controls two of the project's most consequential floors.

Eklund | Gomes at Douglas Elliman, which holds exclusive sales rights at Colette, brokered the transaction.

"What makes this transaction so noteworthy is not just the $15 million price tag, but the buyer's vision," said Fredrik Eklund, founder of Eklund | Gomes. "The ability to acquire four homes and create two expansive duplex townhouses in a boutique building like Colette is incredibly rare in Brickell."

Why the Price Holds Up

At $1,661 per square foot, the buyer paid well above what most existing Brickell inventory trades for. Existing buildings in the submarket currently change hands closer to $1,100 per square foot, but meaningfully below where the market's most aggressive new-construction projects are benchmarking. Ultra-luxury developments entering the Brickell pipeline are pricing above $2,100 per square foot. Colette residences start at $3.3 million.

The buyer also gets something those higher-priced projects rarely offer: the ability to customize two full duplex units in a building with fewer neighbors than most Manhattan co-ops. In a submarket defined by 60-plus-story towers, 38 units is a different product category entirely.

"Today's buyers are looking beyond traditional condominium layouts and are increasingly seeking opportunities to create residences tailored to their individual lifestyles," said Andrew Rasken, CEO of META Development. "Colette was designed with that flexibility and level of exclusivity in mind."

The Project Behind the Deal

Colette Residences sits on a 0.8-acre assemblage that META completed earlier this year. The developer acquired 1880 Brickell Avenue for $10,999,500 and combined it with an adjacent parcel at 1870 Brickell, bringing the total land cost to $21.5 million. In May, META secured an $18.5 million acquisition and development loan from BridgeCity Capital to advance the project.

Brazilian architecture and interior design firm OSPA designed the building, with two- to four-bedroom units, a 50-foot pool, a 5,200-square-foot sun deck, and roughly 12,000 square feet of combined indoor and outdoor amenity space, including a wellness spa, screening room, and children's playroom. It is one of two active boutique projects from META; the developer also holds a $28 million construction loan for OPUS, its Coconut Grove project.

Construction at Colette is expected to advance in the coming months, with delivery targeted for 2028.