Updated Dec 4, 2024
MG Developer Acquires Multifamily Property In Coral Gables For $11.5M
717 Valencia Avenue , 729 Valencia Avenue, 737 Valencia Avenue & 741 Valencia Avenue
$11,500,000
$103/SF
Building Size
36,934 SF
Asset Type
Development Site
Closing
Dec 27, 2023
About this deal
AI
MG Developer has purchased a redevelopment site in Coral Gables for $11.5 million. The property, located at 717-741 Valencia Ave, spans 36,934 square feet and consists of 17 apartments. The sale was made by Alliance Starlight III, adding to MG Developer's existing presence in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,500,000
- Address: 717-741 Valencia Avenue
- Market: Coral Gables
- Buyer: Alirio J. Torrealba - MG Developer
- Seller: Roberto Trapaga Fonalledas - Alliance Starlight III
- Lender: SMGRA7 LLC
- Units: 17
- Price per Unit: $676,471
- Square Footage: 36,934
- Price per Square Foot: $311
The acquisition of this property further strengthens MG Developer's active presence in Coral Gables. The buyer, represented by Alirio J. Torrealba of MG Developer, saw the potential in this redevelopment site and made the purchase for $11.5 million. The seller, Roberto Trapaga Fonalledas of Alliance Starlight III, completed the transaction. SMGRA7 LLC served as the lender in this deal.
On the Map
$11,500,000
$103/SF
Development Site
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Players
Coral Gables Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93