Codina Scores $115M From Goldman Sachs for Luxury Rental in Coral Gables
By Julia Echikson November 15, 2023 4:38 pm
reprints
Codina Partners has landed $115 million from Goldman Sachs (GS) to build a luxury rental project in Coral Gables, Fla., the developer announced Wednesday.
The 18-story development, called Regency Parc, is set to feature 124 units at 2601 Salzedo Street on the corner with Valencia Avenue, about three blocks south of Coral Way. The Coral Gables-based developer acquired the 1.75-acre site for $16.7 million in 2021, according to property records.
Codina Partners, led by Armando Codina, has funneled $75 million in equity into the project, a spokesperson for the firm said. A representative for Goldman Sachs did not immediately respond to a request for comment.
The development will target wealthy empty nesters and families from the North who are looking to rent before perhaps settling more permanently. Another target is people who don’t want the hassle associated with condos, which now require a greater level of maintenance following the deadly building collapse in Surfside two years ago.
Nearly all apartments will either be two- or three-bedrooms, ranging from 1,768 to 5,971 square feet. Three units on the top floors, spanning more than 12,000 square feet, will require leases that are at least five years long.
Julia Echikson can be reached at jechikson@commercialobserver.com.
