Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater

Deal is for miniature soccer fields and adjacent vacant lot, where Stripey previously planned a development

Miami /
Dec.December 06, 2021 02:30 PM

Neil Gehani, CEO, Trilogy Real Estate Group, in front of the miniature soccer fields at 2728 Northeast Second Avenue and 169 Northeast 27th Street in Miami (LinkedIn/NeilGehani, Google Maps)

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.

South Florida’s multifamily market is booming, fueled by demand from locals and newcomers that has led to scarce supply and pushed up rents.

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.





    Related Articles

    arrow_forward_ios
    Aerial view of some of the properties: 124 Bamboo Road, 112 Bamboo Road,  106 Bamboo Road, 135 Bamboo Road, 337 Bamboo Road (Google Maps)
    New York firm sells Palm Beach Shores apartment portfolio for $17M
    New York firm sells Palm Beach Shores apartment portfolio for $17M
    Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    From left: Sela Ward, David Beckham, Victoria Beckham, and Lucy Guo (Getty Images, 1000Museum.com)
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    Laguna Pointe Apartments are at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale (Redfin, Apartments.com, Google Maps)
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    arrow_forward_ios

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

    Loading...