MIAMI—Another developer is making a Miami land grab. Late last week a Skyline Equities Realty sold its rights for a proposed luxury condo development in Mary Brickell Village to Lynd Development and LNR Property. Now, a private owner has sold off a 17.1-axre parcel in Miami’s Kendall/Tamiami submarket.

Located at 14350 Southwest 137th Avenue, the land traded for $6.9 million. The land is zoned for the development of up to 195 townhome units. The sales price is equal to $403,355 per acre or $35,385 per unit before construction.

Continental Real Estate Cos.' senior vice president Peter Mekras, along with senior associate Liran Friedman, represented the seller in the transaction. The property is located in close proximity to the Florida Turnpike, ZooMiami, Baptist Hospital, major retailers, and Tamiami Executive Airport.

“In this instance, the project will be developed as a for-rent project, even though it could be developed as for-sale because the rental market is so strong,” Mekras tells GlobeSt.com. “Suburban locations are typically targeted for rental projects with the ability to build 250 or more units, but the demand for land suitable for garden-style apartments in communities like Kendall made it an attractive deal for the buyer.”

The property features frontage along heavily-trafficked Southwest 137th Avenue and is adjacent to Country Walk, a 1,600-home residential subdivision. The parcel is among the few remaining developable sites in the Kendall/Tamiami submarket.

As Mekras sees it, the lack of sites available for garden style multifamily rentals drove the demand for this entitled development site. The multifamily site has high barriers to entry, strong rental market fundamentals, quality retail amenities, and proximity to employment centers.

“In the rental recovery cycle, developers were primarily targeting emerging markets and urban infill to cater to Generation Y renters,” Mekras says. “But given the continued strength of the rental market and the high barriers to entry in South Florida, developers are pursuing more traditional family markets to capture future rental market trends.”