AvalonBay Communities purchased a stake in a mixed-use apartment project near the Collection luxury car dealership in Coral Gables.
Property records show an affiliate of AvalonBay paid $12.9 million for the property at 3811 Shipping Avenue in Miami. Mast Capital is a joint venture partner with AvalonBay, according to a source.
Coconut Grove-based Mast Capital, led by CEO Camilo Miguel Jr., secured approval from the city of Miami last year to build a nearly 386,000-square-foot building on the property.
The 20-story building will include 254 apartments ranging from 545 square feet to 1,325 square feet, with a handful of two-story townhouses on the ground floor. It will also feature 825 square feet of commercial/retail space, a 319-space parking garage, and more than 10,000 square feet of amenities that will include a co-working space, fitness room, yoga room, pool deck, game and kids rooms, library and a lounge.
Mast Capital affiliate M-3811 Shipping Owner paid $10.9 million for the 1-acre site in May 2017.
The area’s recently completed apartment projects include the Berkshire Coral Gables, which the Berkshire Group acquired in 2017 for $100 million; and Mill Creek Residential’s two-phase Modera Coral Gables apartment development. Renters include students from the nearby University of Miami.
In December, Arlington, Virginia-based AvalonBay paid $60.25 million for a 240-unit rental community in Margate.