Terra Group sells new Sunny Isles Beach homes for $28M

Terra Group has sold out Atlantic 15, a 15-home community it developed in Sunny Isles Beach this year, The Real Deal has learned. 

Closings for the single-family homes began in April, Miami-Dade County records show. Atlantic 15 is located between Atlantic Avenue and Collins Avenue and between 189th Street and 191st Street. Terra assembled the parcels in November 2012 and spent about $4.2 million on the land, Terra Group President David Martin told TRD.

PPK Architects designed the homes, which sit on lots in the 4,000-5,000 square foot range. The gated, two-story homes include rooftop terraces that overlook Collins Avenue and the beach, Martin said. Locals, up-market buyers, existing condo owners and South Americans purchased the properties.

“We saw a void for single-family homes in Sunny Isles Beach,” Martin said. “We wanted to bring a more contemporary look and feel to Sunny Isles.”

Five closings have been recorded in county records as of Wednesday. Martin said the development sold out for about $28 million.

• Alberto Micha Buzali and Sharon Nedvedovich de Micha paid $1.35 million for the 5,099-square-foot property at 18915 Atlantic Boulevard in April, records show. Buzali works at Dacar Management, a Dania Beach-based commercial real estate firm.
• Leon Bibas picked up 18935 Atlantic Boulevard for $1.5 million in June.
• The Chehebars acquired three adjacent homes for $1.5 million each. Casa SI LLC, a company led by Abraham Chehebar, paid $1.5 million for 18955 Atlantic Boulevard in June. Elaine Chehebar paid $1.5 million for 18945 Atlantic Boulevard in July. Abraham purchased the third, 18965 Atlantic Boulevard, for $1.5 million also in July.

Terra’s portfolio spans from Coconut Grove, Miami Beach and Sunny Isles to Pembroke Pines, Doral and Weston. Other low-density projects include Glass, Eighty Seven Park, Grove at Grand Bay, Botaniko.