The Real Deal Miami

Coral Gables apartment building sells for $3.4M

February 22, 2012 09:45AM

Colliers' John Crotty

The Capri Apartment at 800-801 Capri Street in Coral Cables has been sold for $3.4 million in an all-cash deal. The buyer was Capri Gables, a limited liability company. Colliers International South Florida’s John Crotty represented the seller, 800 and 801 Capri Street LLC. The property had been built in 1969 on two separate lots, one of which was on a ground lease, something that posed several obstacles. “Despite the challenges presented by the ground lease, we procured multiple offers to ownership over the course of the first 30 days of the marketing process, contacting international buyers institutional contacts and local private client prospects,” Crotty said. The project consists of 42 units in two four-story buildings. — Alexander Britell