The Real Deal Miami

Developer buys two multi-family properties in Coconut Grove

West Townhomes bought properties for $2.5M
February 17, 2015 12:50PM

Coconut Grove apartment buildings sold

Coconut Grove apartment buildings sold

A Coral Gables-based company has purchased two multi-family buildings in Coconut Grove.

West Townhomes, a company managed by G. D8 Development, bought the two adjoining properties from Alan Mobley, a trustee of the Greater Miami Mobley Family Trust Land Agreement, Miami-Dade County records show.

The company paid $2.5 million for both. The two-unit building at 3161 Center Street is 1,050 square feet, and the eight-unit building at 3156 Southwest 27th Avenue is 4,160 square feet, the Daily Business Review reported.

Both were built in the 1950s, and together the properties make up roughly a half acre, according to Miami-Dade property records.

The site is in an area that’s been heating up with development. Nearby, Terra Group is developing Grove at Grand Bay, two 20-story towers with 96 luxury condos at 2675 South Bayshore Drive. Along with Related Group, Terra is also developing Park Grove, two 20-story, 72-unit condo towers and a third 20-story building with 140 units nearby at 2701 South Bayshore Drive. [Daily Business Review] — Sean Stewart-Muniz