Coral Gables-Based MG Lands in Hialeah With $148M for Rental Project
By Julia Echikson September 26, 2022 1:17 pm
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A joint venture led by MG Developer scored $148 million to build a rental complex in Hialeah, Fla., the developers announced.
The development — a partnership with New York-based Baron Property Group and L.A.-based Township Capital — will feature 559 rental apartments, ranging between 500 and 800 square feet, across two 10-story towers. Amenities at the project, dubbed Metro Park, will include coworking spaces, a pool, a gym, a parking lot and ground-level retail.
Construction is slated to commence in December and is expected to end in the second quarter of 2024. Ayush Kapahi of HKS Real Estate Advisors procured the 30-month loan from Post Road Group, while Colliers’ Dmitry Levkov and Jeffrey Donnelly arranged the financing.
The property, at 955 East 25th Street and 980 East 26th Street, is only a block from the working-class town’s Metrorail and Tri-Rail train stations. In May, MG Developer paid $10.8 million for the 1.9-acre site, according to property records.
“This project will mark the first of more to come for us in Hialeah,” Alirio Torrealba, CEO and founder of MG, said in a statement.
Until now, the developer has focused on its hometown of Coral Gables, a wealthy suburb just south of Miami.
Besides Metro Park, MG and Baron are developing Merrick Parc, a 450-apartment property in Coral Gables that’s slated to cost $204 million. Also in Coral Gables, MG recently completed Althea Row, while Biltmore Row is nearing completion. Both projects are townhouse complexes.
Julia Echikson can be reached at jechikson@commercialobserver.com.
