Lee & Associates South Florida Brokers Multifamily Development Site Transaction in Miami

Principal Todd Cohen successfully represents seller in complex $6 million deal for shovel-ready multifamily development site

Principal Todd Cohen successfully represents seller in complex $6 million deal for shovel-ready property

MIAMI, FL (OCTOBER 14, 2024) – Lee & Associates South Florida Principal Todd Cohen completed the $6 million sale of a shovel-ready multifamily development site near the Golden Glades Interchange in Miami-Dade County. The buyer plans to develop a 100-unit building on the 4.04-acre property at 190 NW 162nd St.

Water Park Villas, LLC, an existing client of Lee & Associates South Florida, sold the site to Murat Capital Partners, LLC. Entitlements and site plan approvals are in place, allowing for development to begin immediately.

The transaction closed on Sept. 30.

“This sale is a tremendous outcome for both parties,” Lee & Associates South Florida President Matt Rotolante said. “Lee & Associates South Florida has a long history with this site, having brokered its previous sales in 2018 and 2021 and assisting this seller in securing all necessary approvals before bringing it to the market this year. There continues to be significant demand for shovel-ready multifamily development sites in prime South Florida submarkets.”

Lee & Associates South Florida marketed the site for sale after working with Water Park Villas, LLC to obtain full development entitlements. Todd Cohen applied great care and skill in helping both parties navigate hurdles to close this challenging transaction.

“It certainly took creativity, patience and strong relationships to get this deal across the finish line,” Cohen said. “We leveraged our firm’s extensive history and knowledge of the site to tell a compelling story about its potential to prospective buyers, then guided both parties through the complexities of the transaction itself.”

Site plan approvals allow for the development of 62 traditional multifamily (or condominium) units and 38 townhomes at an average size of 1,263 square feet. The five-story building’s unit mix is expected to include one, two, three and four-bedrooms. Approved amenities include a pool, sundeck, children’s playground, fitness center, dog park, kids’ club with a toddler gym and 209 surface parking spaces.

Jamestown Realty and Investments, LLC represented the buyer in the transaction.

About Lee & Associates | South Florida

Lee & Associates | South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent’s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.  The Lee & Associates’ robust national network that sold and leased over $115 Billion over the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.

About Lee & Associates

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers.  For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.