Trending
Coral Gables apartment building sells for $11M
The building, which is still under construction, sold for $593 psf
A Coral Gables apartment building that is still under construction sold for $11.1 million.
Adar Galiano 1091 LLC, tied to Jonatan Sredni of Aventura, bought the property at 1091 Galiano Street for $11.1 million, according to a press release. 1091 Galiano Investments LLC, led by Daniela Carozzi, sold it. The property totals 18,710 square feet, equating to a price of $593 per square foot.
The Carozzi family purchased the development site for $2.5 million in 2017, records show. At the time, the property was planned as a condo development and was later converted to apartments.
The buyer was represented by Landy Toledo of Marcus & Millichap. The seller was represented by Dolores Urdapilleta of Urdapilleta Real Estate of Key Biscayne.
The apartment development will consist of 24 two- and three-bedroom apartments with outdoor terraces, as well as three townhouses on the ground floor. The building’s amenities will include a gym, pool, courtyard and barbecue areas.
Tenants will be able to move into the building in 60 to 90 days, according to the release.
The buyer is also in the final approval process to build a 174-unit luxury rental project at the intersection of Salzedo Street and Madeira Avenue in Coral Gables, according to the release.