Jeffrey Simpson Of Greystone Development Acquires Development Site In Miami For $8.8M
1501 Northwest 37th Avenue
$8,800,000
Building Size
—
Asset Type
Development Site
Closing
Jun 8, 2026
AI
Greystone Development has acquired a development site located at 1501 Northwest 37th Avenue in Miami, FL, for a total price of $8,800,000. This site is shovel-ready and has plans for a 14-story mixed-use project that will include 100 residential apartments along with 6,500 square feet of retail space on the ground floor.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,800,000
- Address: 1501 Northwest 37th Avenue
- Market: Miami, FL
- Buyer: Jeffrey Simpson - Greystone Development
This acquisition is a strategic addition to Greystone’s development pipeline in South Florida, enhancing the firm’s footprint in Miami’s multifamily market. The project is fully approved and is located near Coral Gables.
Market 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
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93