Coral Rock Development Group Sells South Florida Rental for $95M
By Julia Echikson February 4, 2025 5:19 pm
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A joint venture led by CSL Partners paid $95 million for a multifamily property in Hialeah, Fla.
Called Pura Vida MIA, the eight-story building sits on a 5-acre site at 3051 West 16th Avenue, just north of West Okeechobee Road. Coral Gables-based Coral Rock Development Group sold the asset.
Pura Vida MIA features 260 units and 11,000 square feet of ground-floor retail. At least 40 percent of units are priced to be affordable to those earning up to 120 percent of the area’s median income in return for tax breaks under the Live Local Act.
Buying partners include Bindor, a Miami-based private real estate investment firm, and Dallas-based multifamily investor Presidium.
“With some of the lowest vacancy rates historically, we recognized a significant gap in housing options that meet the needs of millennials, who have often been forced to look elsewhere for suitable rental opportunities” in Hialeah, Brandon Chemtov, co-founder of Montreal-based CSL Partners, said in a statement.
Andres Grossmann of RelatedISG Commercial brokered the transaction. The Real Deal first reported the sale.
Coral Rock Development Group completed the 334,923-square-foot building in 2022, two years after securing a $41 million construction loan from Des Moines-based Principal Financial Group, according to property records.
On the same block, Coral Rock Development Group built three retail properties, which it has already sold.
Julia Echikson can be reached at jechikson@commercialobserver.com.
