AvalonBay partners with Mast Capital on mixed-use project near Coral Gables

Mast Capital got approval for the 254-unit project in early 2019

Miami /
Apr.April 03, 2020 04:00 PM
Rendering of 3811 Shipping Avenue and Camilo Miguel Jr.

Rendering of 3811 Shipping Avenue and Camilo Miguel Jr.

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.


Related Articles

arrow_forward_ios
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
Bell Partner's Jon Bell and Greystar's Bob Faith with the Satori Apartments. (Greystar, Bell Partners)
Bell Partners buys Fort Lauderdale apartments for $100M
Bell Partners buys Fort Lauderdale apartments for $100M
Green Tree Apartments with (from left) R.O.I. Capital founders Noam Avrahami, Shay Atiya, Shay Milch and Northland Investment founder Lawrence Gottesdiener
R.O.I. Capital buys Oakland Park multifamily complex for $59M
R.O.I. Capital buys Oakland Park multifamily complex for $59M
Dr. Jose Luis Ferreira de Melo, Carlos Ferreira de Melo and Martin Ferreira de Melo of the Melo Group. (Melo Group, Miami Plaza)
Melo Group scores $99M refi for apartment tower north of downtown Miami
Melo Group scores $99M refi for apartment tower north of downtown Miami
Ubiica's Alejandro Salazar (left) and Rodrigo Gana with an aerial of the project site (Eddy Davis)
Ubiica, Maven plan multifamily project in Coral Gables
Ubiica, Maven plan multifamily project in Coral Gables
Coconut Creek Apartment Homes at 3621 Hillsboro Boulevard in Coconut Creek with Nuveen CEO Jose Minaya and Bar Invest CEO Jacques Barbera (Google Maps, Nuveen. Bar Invest)
Nuveen buys Coconut Creek multifamily complex for $47M
Nuveen buys Coconut Creek multifamily complex for $47M
Prestige Companies CEO Marty Caparros Jr. and COO Alexander Ruiz with (from top) 1201 Palm Avenue, 40 West 23 Street and 2290 Palm Avenue (Google Maps)
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Celal Ozkan and a rendering of Skygarden tower (Linkedin, Permuy Architecture)
North Miami Beach approves mixed-use, multifamily Skygarden tower
North Miami Beach approves mixed-use, multifamily Skygarden tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...