The Urban League of Greater Miami sold a mixed-use project in the West Little River neighborhood of Miami-Dade County for $12.5 million.
The nonprofit sold the property at 8400 Northwest 25th Avenue to Elizabeth Gardens of Miami LLC, which is managed by Lisa Ramos and Lisette Nunez.
The site includes 65 buildings made up of single-family homes, multifamily and commercial properties and a church. The buyers plan to make capital improvements to upgrade the residential units’ interiors, according to a release from LV Lending.
Miami-based LV Lending provided a $8.75 million loan to Elizabeth Gardens of Miami to acquire the property.
The property sits on nearly 12 acres. A listing on Loopnet said the property could be redeveloped with zoning that allows for 90 units per acre.
West Little River, east of Hialeah, is seeing interest from developers as land in Miami becomes more scarce.
In May, IMC Equity Group paid $13.5 million for the Flea Market USA property in West Little River. Carlos De J. Segrera, chief investment officer of IMC Equity, said the group plans to build a multi-phased, mixed-use project with retail and up to 2,500 residential units.
In late 2017, real estate investor Steve Schneider paid $6.25 million for a 120-trailer park at 7600 Northwest 27th Avenue near West Little River.