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MG Developer Acquires Multifamily Property In Coral Gables For $11.5M

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SOLD
$11,500,000

Florida

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Development Site110,802 SF
Sold 12/27/2023
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Property Image
SOLD

MG Developer Acquires Multifamily Property In Coral Gables For $11.5M

717 Valencia Avenue , 729 Valencia Avenue, 737 Valencia Avenue & 741 Valencia Avenue

See Similar Deals
Development Site110,802 SF
Sold 12/27/2023
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$103
Total Square Footage:110,802 SF
Transaction Type:Sale

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.

Players

Alirio Torrealba
MG Developer
Alirio Torrealba
16 deals$502.4M volume
BUYER
S
SMGRA7
LENDER

Details

SOLD
IMAGE: Roberto Trapaga Fonalledas & Alirio J. Torrealba DATE: 12/27/2023 ADDRESS: 717, 729, 737 & 741 Valencia Avenue MARKET: Coral Gables ASSET TYPE: Multfamily BUYER: Alirio J. Torrealba (@AlirioTorrealba) - MG Developer (@MGDeveloper) SELLER: Roberto Trapaga Fonalledas - Alliance Starlight III LENDER: SMGRA7 LLC SALE PRICE: $11,500,000 UNITS: 17 ~ PPU: $676,471 SF: 36,934 ~ PPSF: $311 NOTE: MG Developer has purchased a redevelopment site in Coral Gables for $11.5 million. The 36,934-square-foot property at 717-741 Valencia Ave. includes 17 apartments and was sold by Alliance Starlight III, adding to MG Developer's active presence in the area.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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