AvalonBay Communities acquired a 6.23-acre development site located at Southwest 158th Avenue & Southwest 96th Street in the Miami market for $11,420,000. The site is intended for the construction of a 224-unit apartment complex. Previously, the property was approved for the development of three six-story buildings, a clubhouse, a pool, and electric vehicle parking. This transaction signifies AvalonBay’s entry into the second phase of a larger 70-acre mixed-use project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $11,420,000
• Buyer: Benjamin W. Schall - AvalonBay Communities
• Seller: Robert Eckstein - NAI Miami
• Location: Southwest 158th Avenue & Southwest 96th Street, Miami
• Site Size: 6.23 acres
• Planned Development: 224-unit apartment complex

Benjamin W. Schall, representing AvalonBay Communities in the transaction, engaged with Robert Eckstein, who represented NAI Miami as the seller. This deal highlights the collaborative effort of both individuals and their respective agencies in finalizing the acquisition.