Avalon Bay, MG Developer bet on Miami apartment market to balance out

As South Florida’s multifamily market slows, AvalonBay Communities and MG Developer are proposing 374 apartments in separate Miami projects.  Arlington, Virginia-based AvalonBay wants to develop an eight-story, 166-unit building on a 1.6-acre site on the southwest corner of Southwest 23rd Street and Southwest 32nd Avenue, according to its application to the Miami Urban Development Review Board.  AvalonBay paid $11.2 million for the site in November, property records show. It consists of lots at 2340 Southwest 32nd Avenue, 3224-3232 Southwest 23rd Street, and 3209, 3219 and 3231 Southwest 32nd Terrace. Designed by Baker Barrios Architects, the project, called Kanso Coral Way, […]This article originally appeared on The Real Deal. Click here to read the full story.