Monogram pays $48M for the Mile apartments near Coral Gables

Greystone and Alta Developers paid $7.1M for the development site in 2013

Dec.December 22, 2015 09:45 AM

A joint venture between Greystone Property Development and Alta Developers has sold a luxury apartment tower in Miami for $48 million or $400,000 per unit, county records show.

Monogram Residential Mile LLC, an affiliate of Monogram Residential Trust, bought the 13-story tower, at 3622 Southwest Coral Way near Coral Gables. The Plano, Texas-based real estate investment trust also bought a newly completed apartment complex in downtown Boca Raton for $82 million in September.

The Mile, a 120-unit mixed-use luxury rental project, topped off in July. Behar Font & Partners designed the development, which includes a pool, garage and fitness center. The property is on Coral Way, which becomes Miracle Mile at the entrance to Coral Gables.

Jaret Turkell and Maurice Habif of HFF represented the seller in the off-market deal.

Greystone, which has an office in Miami, is a real estate lending, investment and advisory company. CEO Jeffrey Simpson signed the deed transfer of ownership. Alta’s portfolio includes Le Parc at Brickell, 3900 Biscayne, Baltus House, One Paraiso and Neovita.

Miami-Dade County property records show the two companies paid $7.1 million for the Mile’s 0.87-acre development site in 2013. That includes an 0.4-acre lot along Coral Way, where the tower sits, and three 7,000-square-foot parking parcels that face Southwest 22nd Terrace. The joint venture scored a $24.5 million construction loan in 2014.

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