The Real Deal Miami

Partnership buys Coral Way apartments near Brickell for $13M

Company led by Tom Cabrerizo Maurice Cayon paid $146k per unit
By Amanda Rabines | July 05, 2018 02:40PM

2110 Southwest Third Avenue and Tom Cabrerizo

CFH Group principal Tom Cabrerizo and Maurice Cayon of Cayon Development Group just picked up an apartment complex on Coral Way near Brickell for $12.8 million, property records show.

Dalton Properties Inc., led by Alfredo Sesana and Paul Garcia, sold the 88-unit complex at 2110 Southwest Third Avenue for about $145,700 per apartment. The two eight-story buildings were completed in 1994 on a nearly 1-acre lot. The property last sold for $760,00 in 1988.

Cabrerizo and Cayon’s TMC Apartments LLC financed the deal with a $10.7 million loan from City National Bank, according to property records.

This isn’t the first time the investors work together. Cabrerizo and Cayon recently completed a 226-unit apartment development in Hialeah called Las Palmas.

The Coral Way apartment complex is close to the Brickell neighborhood, where recently completed developments include Brickell City Centre and Related Group’s SLS Lux.