Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site

Plan is for five-story project with ground-floor retail in an Opportunity Zone

Miami /
May.May 09, 2022 10:30 AM
The development site with Peter Gardner and Abbhi Capital's Sankesh Abbhi (Google Maps, Longpoint, Abbhi Capital)

The development site with Peter Gardner and Abbhi Capital’s Sankesh Abbhi (Google Maps, Longpoint, Abbhi Capital)

Abbhi Capital is betting on multifamily in an Opportunity Zone in Miami’s Coconut Grove, paying $18.8 million for a development site that spans a full city block.

Abbhi and investor Peter Gardner, through an affiliate, bought 2.4 acres in an Opportunity Zone on the southeast corner of Grand Avenue and Plaza Street. The seller is GV Bimini, managed by Gardner and in the care of Sabal Hill, according to a deed and state corporate records.

The lots are at 3559, 3551, 3547, 3521, 3523, 3509 Thomas Avenue; 3428 and 3410 Hibiscus Street; and 3574, 3522, 3520, 3530 and 3560 Grand Avenue.

The buyers plan a five-story apartment project with 100 to 150 units and ground-floor retail, according to a source familiar with the deal. They are financing the project through a Qualified Opportunity Zone Fund, in which the developers have invested their own capital gains, the sources said.

The Tax Cuts and Jobs Act of 2017 created the Opportunity Zone legislation allowing for investors to defer federal taxes on their capital gains from the sale of any venture by putting the funds in real estate or business projects in areas the government deems in need of an economic boost.

The Coconut Grove site buyers, who have not yet submitted an application to the city, envision a few Opportunity Zone projects in the neighborhood, including one with offices, the source told The Real Deal. If the project on the recently purchased land is approved, construction is expected to be completed in two to three years.

Coral Gables-based Abbhi invests in real estate, as well as in health care, technology and hospitality across the U.S. and India, according to its website. Abbhi’s founder is Sankesh Abbhi, who also founded drug safety and regulatory affairs solutions firm Synowledge.

Abbhi Capital also has invested in the 27-acre mixed-use Miami Worldcenter project in downtown Miami, where it purchased two sites in recent years.

Last year, Abbhi bought a 1-acre development site east of Northeast First Avenue, and between Northeast 10th and 11th streets, for $20 million from the project’s master developer, Miami Worldcenter Associates. The previous year, Abbhi paid $24 million for the 1.15-acre development parcel at 1016 Northeast Second Avenue.

Gardner is a partner at Boston-based Longpoint Realty Partners, which is a real estate owner-operator focused on retail and industrial. But he is partnering on the Coconut Grove venture with Abbhi independent of Longpoint.

This is the latest Miami Opportunity Zone investment in recent months. In Miami’s Edgewater, Chicago-based Trilogy Real Estate Group paid $30.6 million in March for 1.6 acres of land at 2201 Northeast Second Avenue, where existing regulations allow for an up to 36-story tower with a maximum of 247 units.

This is Trilogy’s third Edgewater Opportunity Zone investment. In December, the company also bought the properties at 169 Northeast 27th Street, 2728 Northeast Second Avenue, 166 Northeast 28th Street, 2634 Northeast Second Avenue, and at 192 and 186 Northeast 27th Street, in two deals for a combined $22.3 million.





    Related Articles

    arrow_forward_ios
    A rendering of the planned project with the Two Roads principals Reid Boren and Taylor Collins (Two Roads Dev)
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    An aerial view of the land with the buyer Dacar Management’s Alberto Micha-Buzali (Google Maps, LinkedIn)
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
    Residential sales fall in Southern Florida
    Residential sales fall in April across South Florida
    Residential sales fall in April across South Florida
    arrow_forward_ios

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

    Loading...