The Real Deal Miami

Greystar pays $10M for land across from Dadeland Mall, plans new apartments

Development will have 216 units geared toward tenants ages 55 and up
July 07, 2016 10:34AM

Rendering of Overture Dadeland, left, and an aerial view of 7400 Southwest 88th Street, right

Rendering of Overture Dadeland and an aerial view of 7400 Southwest 88th Street

Greystar, a national owner and builder of apartments, just closed its $10.3 million purchase of a Kendall medical office building it plans to redevelop into a rental tower for seniors.

The developer now owns the six-story office building at 7400 Southwest 88th Street, which was built in 1966 and sits on about 0.9 acres of land.

Commercial brokerage HFF announced the deal and said it represented Greystar and the seller, an affiliate of the Dayco Group.

County records show Dayco bought the building through its affiliate for $8.18 million in 2004. The real estate company was founded 45 years ago in Venezuela and keeps its North American headquarters in Miami, according to its website.

Greystar now plans to raze the medical office building and erect Overture Dadeland, a 216-unit apartment building geared toward senior housing (ages 55 and up).

The company nabbed approvals from the county zoning board in June after filing its original application earlier this year. Details about the units’ sizes and prices are not yet available.

According to HFF, the site is attractive because it lies within the “Dadeland Golden Triangle.” The triangle — bounded by the Palmetto Expressway, U.S. 1 and Kendall Drive — is filled by a number of high-density developments and is also home to the Dadeland Mall.

HFF’s Manny de Zárraga, Jaret Turkell and Maurice Habif represented Dayco for the deal. — Sean Stewart-Muniz