A Chicago-based multifamily investor scooped up a potential development site in an Opportunity Zone in Miami’s Edgewater neighborhood for $12.5 million.
Trilogy Real Estate Group, through an affiliate, bought the miniature soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, as well as the adjacent vacant lot at 166 Northeast 28th Street, according to records.
Seller 27Edgewater is managed by 4R Capital and represented by Stripey 27 EW Developments, tied to Miami-based Stripey Development.
The soccer fields are just over 0.6 acres, and the adjacent lot is barely 0.1 acres, property records show.
Stripey had previously planned an 18-story mixed-use tower on the site, with ground-floor retail, offices and 12 stories of condos. But the project was never built. Stripey bought the site for $4.7 million in 2015.
Alex Tsoulfas and Vincent Pastore of Apex Capital Realty represented the buyer, and Juan Martinez of Metro Consulting & Management represented the seller.
It is unclear if Trilogy plans a multifamily project. The company did not return a request for comment and Tsoulfas declined to say.
Trilogy, led by Neil Gehani, buys, builds and manages apartments and owns communities throughout the U.S., including in Illinois, Michigan, Ohio and Missouri, according to its website.
The company might be betting on the Opportunity Zone distinction, as records show the company’s buying affiliate is managed by Trilogy Opportunity Zone Advisors. The federal program gives investors incentives to defer capital gains taxes by investing in either a business or a real estate project in an Opportunity Zone — an area deemed to be economically struggling.
The median rent in Miami for a one-bedroom apartment in November was $2,170 a month, up 25 percent year-over-year, according to a Zumper report.
This has prompted developers to embark on new projects. In one of the bigger ventures in Miami’s Edgewater, Kushner Companies and PTM Partners are 50-50 partners in a planned three-tower apartment development at 2000 Biscayne Boulevard.