AvalonBay buys city block in South Miami as investors get in position for multifamily bounceback
Investors are continuing to bet big on South Florida’s multifamily market, with three recent acquisitions across South Miami and Fort Lauderdale led by a record-setting development site purchase. AvalonBay Communities paid $22 million for a full city block development site, at 5920 Sunset Drive to 5946 South Dixie Highway, where it plans 251 apartments. The deal broke down to $90,000 per unit, the highest per-unit pricing ever paid for a South Miami development site, according to a press release. AvalonBay acquired the 1.2-acre site from longtime owner Robins Plaza, LLC in an off-market transaction. Virgilio Fernandez of Cushman & Wakefield […]This article originally appeared on The Real Deal. Click here to read the full story.
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