Benjamin W. Schall Of AvalonBay Communities Acquires Development Site In Miami For $10M

AvalonBay Communities purchased a development site consisting of 1.5 acres located at 2340 Southwest 32nd Avenue, 3224, 3232 Southwest 23rd Street, and 3219 & 3209 Southwest 23rd Terrace in Miami. The asset includes a 17,686-SF wedding hall and a neighboring duplex, acquired for a total of $10,000,000. The property equates to a price per square foot of $565.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $10,000,000
• Square Footage: 17,686
• Price per Square Foot: $565
• Buyer: Benjamin W. Schall - AvalonBay Communities
• Seller: Ross Maria Carreras - Renaissance at the Gables
• Market: Miami
• Acres: 1.5

Kanso Coral Way LLC, an affiliate of AvalonBay Communities, executed the acquisition, which included a wedding hall and duplex. The city previously approved plans for a future development of a 269-unit, eight-story assisted living project on this site, although construction has not yet commenced.