LA Developer Buys Aging Coconut Grove Rental for $11M
By Julia Echikson February 7, 2024 12:41 pm
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L.A.-based developer Philip Rahimzadeh paid $10.9 million for an aging multifamily building in Miami’s Coconut Grove neighborhood.
Called Casa Linda, the six-story building houses 45 units at 3300 South Dixie Highway, just north of Bird Avenue. The 54,316-square-foot building, constructed in 1972, sits on 0.7 acres.
The sale closed in five days, with Rahimzadeh using a 1031 tax exchange, which allows buyers to defer capital gains taxes, according to Colliers’ Virgilio Fernandez, who brokered the transaction.
The seller, Trizel Commercial Real Estate, had purchased the property for $1.9 million in 2001.
Rahimzadeh plans to renovate the existing building and raise the “below-market rents,” according to Fernandez.
“The buyer opted to enter the South Florida market, attracted to our favorable business climate and robust fundamentals, a sharp contrast to the elevated taxes, high prices, and rent control prevalent in California and other states,” the broker said in a statement.
In L.A., Rahimzadeh is the managing director of Core Development Group, which specializes in repositioning aging buildings. In July, the investor listed a Tuscan-style mansion in Bel-Air for $37 million, according to the Robb Report.
Julia Echikson can be reached at jechikson@commercialobserver.com.
