Diego Torrealba & Alirio Torrealba Acquire Fountainview Manor Condominiums For Potential Redevelopment In Coral Gables
950 Sevilla Avenue
Building Size
—
Asset Type
Condo
Closing
Jun 25, 2026
About this deal
AI
The property involved in this transaction is an eight-unit condominium known as Fountainview Manor, located at 940 and 950 Sevilla Avenue, Coral Gables, FL. This structure was built in 1958 and has drawn interest for potential redevelopment due to its location and market dynamics in the Miami-Dade area.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: Not disclosed
- Date of Sale: 06/25/2026
- Buyer: Diego Torrealba & Alirio Torrealba
- Buying Entity: MG Developer
- Market: Coral Gables, FL
Diego Torrealba and Alirio Torrealba, representing MG Developer, have acquired a majority of the units in the Fountainview Manor. The transaction positions the property for potential redevelopment despite at least one owner opting not to sell. The developer is currently addressing outstanding HOA dues tied to the recently acquired units.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93