Global City Development And Gilu Development Acquire 1.15-Acre Development Site In Sweetwater For $10M

Global City Development and Gilu Development & Holdings have acquired a 1.15-acre development site in Sweetwater, near Florida International University's main campus, for $10 million. The property was sold by Greystar Student Housing. The site is located at 10912, 10922, 10932, and 10942 Southwest Sixth Street, as well as 10911, 10921, 10931, and 10941 Southwest Seventh Street. The market for this transaction is Sweetwater, and the asset type is a development site. The deal was closed on June 27, 2023.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $10,000,000
• Address: 10912, 10922, 10932, and 10942 Southwest Sixth Street, 10911, 10921, 10931, 10941 Southwest Seventh Street
• Market: Sweetwater
• Acres: 1.15

The buyers of this property are Global City Development, represented by Brian Pearl & Diego Procel from GCDMiami, and Gilu Development & Holdings, represented by Luis Bermudez. The seller is Greystar Student Housing. The lender for this transaction is Sweetwater KS Finance LLC. The buyers purchased the property with undecided plans for its ultimate use, considering the high demand for student housing in the area due to limited on-campus housing options at Florida International University.