Coastland Residential dropped $38 million for a Doral development site that is approved for a multifamily project.
The Miami-based multifamily development and investment firm acquired 7.8-acres at 1556 Northwest 110th Street, where Coastland can build a 10-story project with 690 apartments, according to a press release.
David Duckworth and Michael T. Fay led an Avison Young team that marketed and sold the development site.
The seller, an affiliate of Boca Raton-based Procacci Development Corp., paid $3.1 million for the vacant site near Dolphin Mall in 2020, records show.
Coastland Residential, led by founders Anthony Seijas and Alejandro Rodriguez, is the latest firm catching the multifamily development wave in South Florida as the rental market is showing signs of cooling off. More than 19,000 new apartments are slated for completion by the end of this year. Meanwhile, the rental occupancy rate is tracking downward and landlords are starting to offer concessions to new tenants, according to a recent Berkadia report.
In 2021, Coastland completed Vista Lago, a 288-unit complex divided into 11 three-story apartment buildings in Miami Gardens, records show. And last year, Coastland built Hidden Lake, a five-story complex with 133 apartments in Kendall, an unincorporated neighborhood in southwest Miami-Dade County.
Other developers looking to add apartments in northwest Miami-Dade include David Martin’s Terra and Dallas-based Lincoln Property Company. In December, Terra landed a $35.3 million pre-construction loan for Upland Park, a proposed mixed-use project on land owned by Miami-Dade County at a park and ride bus station near Dolphin Mall. Terra is proposing 900 apartments, 35,000 square feet of retail and 800 parking spaces.
Also last year, Lincoln Property landed a $102.9 million construction loan for its Park Square at Doral mixed-use project. The proposed development would rise 14 stories and have 291 apartments.