An affiliate of rental housing investor CFH Group paid $3.02 million for a Miami site zoned for as many as 150 residential units near Jackson Memorial Hospital.
The 39,900-square-foot site is at 1430, 1460 and 1490 Northwest 20th Street in Miami’s Allapattah community, just west of the city’s Wynwood area. The sellers were Ramiro Chavez and Magali Chavez.
The buyer, Allapattah Investors LLC, is managed by Tom Cabrerizo, president of CFH, and Sheldon Lowe, co-developer of Grand Bay Towers in Key Biscayne.
Cabrerizo told the South Florida Business Journal that CFH has long-term plans to develop the site, which is occupied by a 6,061-square-foot automotive building. CFH owns approximately 6,000 apartments in South Florida.
Agustin Duarte of Magic City Investments brokered the sale of the site.
Duarte told the Business Journal that Allapattah property sales have increased as property values soar in Wynwood, Edgewater and other areas east of Allapattah. [South Florida Business Journal] – Mike Seemuth