Coral Key Parc Acquires Development Site In Homestead From Alirio Torrealba For $7M

The asset involved in this transaction is a development site located at 13480 & 13400 Southwest 248th Street in the Homestead market. The site encompasses 2.06 acres and was sold for a transaction amount of $7,000,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,000,000
• Buyer: Coral Key Parc
• Seller: Alirio Torrealba - MG Developer
• Lender: Naso CRE Bridge Loan Fund

Alirio Torrealba, representing MG Developer, previously acquired the site for $5.3M before selling it to Coral Key Parc, which is a development affiliate. The development firm has plans for a 12-story apartment project consisting of 279 units along with retail and amenities, aiming for completion by 2028. This marks their first venture in southern Miami-Dade.