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The Real Deal Miami

TM Real Estate acquires Coral Gables complex slated for residential development

March 29, 2012 03:45PM

From left: TM Real Estate CEO Matthew Peller, a rendering of possible development at the site, 501-525 Valencia Avenue and Calum Weaver of CBRE Group

Miami-based TM Real Estate Group has purchased a Coral Gables rental community that could become the site of future development.

According to CBRE Group, which marketed the 34-unit property at 501-525 Valencia Avenue for seller H&V Partners, TM paid $4.5 million for the housing community. Built in the 1950s on a one-acre lot, the property has 24,978 square feet and is 95 percent occupied.

Calum Weaver, the CBRE Group broker on the deal, said the property could give way to future development. The site allows for 90,732 square feet of development and up to 52 residential units, and already has obtained offical approbal for a six-story, 41-unit community.

TM Real Estate has developed five residential and four office projects throughout Florida since launching in 2005 and owns vacant development plots in Miami and Miami Beach. — Adam Fusfeld