Heading south: Alta buys dev site for apartment complex near Homestead

Plans are for a 264 apartments and 27 townhouses

Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)

Raimundo Onetto’s Alta Developers bought a development site near Homestead for $9 million with plans for a multifamily project, as a flurry of real estate investment deals continue to target south Miami-Dade County.

Alta plans to build a 264-unit apartment complex and 27 townhouses, according to a news release. The nearly 12-acre property at 24500 Southwest 127th Avenue is between Southwest 127th and 128th avenues and a short distance south of 240th Street.

The seller, Princeton Land Investments, is tied to Coral Gables-based law firm Korge & Korge.

Alta is expected to submit an application to the county next week, the company said.

The three-story garden-style project is planned to offer one-, two- and three-bedroom apartments and three-bedroom townhouses. Alta has not yet decided whether the townhouses would be for rent or for sale.

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Miami-based Alta’s other development ventures span across the county and beyond, including a planned multifamily project just north of Young Circle in Hollywood. Alta paid $23 million for the property in August and is expected to build a pair of 18-story buildings with 452 apartments.

An entity linked to Onetto just sold a fractured condo, townhouse and single-family house portfolio mostly in Homestead to Chilean firm Frontal Trust Investment Management for $22 million.

Although developers’ top choice is often developable sites in thriving Miami neighborhoods such as Edgewater and Wynwood, many investors also are turning to south Miami-Dade, which offers swaths of buildable land for less money.

In other recent south Miami-Dade deals, Armando Bravo bought a site in a Homestead Opportunity Zone for $5.4 million, with plans for a roughly 190-unit apartment complex with several four-story buildings and retail.