The Real Deal Miami

Versailles, La Carreta owner sells lot near MIA

Company affiliated with Felipe Valls Jr. sold the property for $7.6M

May 26, 2015 10:30AM
By Katherine Kallergis

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Felipe Valls Jr. and the vacant lot near Miami International Airport

Felipe Valls Jr. and the vacant lot near Miami International Airport

A multifamily developer picked up a vacant lakefront lot near Miami International Airport for $7.6 million, Miami-Dade County records show.

Bravo Partners Blue Lagoon, a Miami-based company tied to Felipe Valls Jr., sold the 7.4-acre lot. The Valls family owns popular Cuban restaurants Versailles and La Carreta.

Ascend Blue Lagoon is the buyer. The LLC is an affiliate of Boca Raton-based Ascend Properties, a multifamily developer. The buyer also obtained a $5.1 million mortgage from Iberia Bank, according to Miami-Dade records.

The property, on Northwest Seventh Street and east of Northwest 65th Avenue, is across the street from an Extended Stay America hotel and adjacent to the Springhill Suites Miami Airport South. It’s zoned industrial for heavy manufacturing. Valls paid $4.5 million for the site in September 2013, according to Miami-Dade property records.

Ascend Properties’ completed projects in South Florida include a 149-unit Metropolitan apartment tower at CityPlace in West Palm Beach and the Jacaranda Club Apartments, a 190-unit development in Plantation.