Henry Pino Of Alta Development Acquires 1-Acre Development Site In South Miami For $29M
5959 Southwest 71st Street & 7090 Southwest 59th Place
$29,000,000
Building Size
—
Asset Type
Development Site
Closing
May 1, 2026
AI
A development site comprising 1 acre located at 5959 Southwest 71st Street & 7090 Southwest 59th Place in South Miami has been sold for $29,000,000. The asset is currently occupied by a hotel and retail building, with plans for redevelopment into SoMi Walk, a 16-story, 173-unit student housing project that will include 675 beds, targeting a Fall 2028 opening.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,000,000
- Buyer: Henry Pino - Alta Development
- Seller: Francisco Martinez-Miyashiki - Pacmiso 13 Corp.; James Andrew Dorsy - Grec Pinecrest LLC
- Address: 5959 Southwest 71st Street & 7090 Southwest 59th Place
- Market: South Miami
- Acres: 1
Henry Pino, representing Alta Development, has now acquired this prime location near the University of Miami. The sellers, Francisco Martinez-Miyashiki of Pacmiso 13 Corp. and James Andrew Dorsy of Grec Pinecrest LLC, have concluded this transaction reflecting the growing demand for student housing in the region.
South Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93