Greystar Acquires Doral Development Site; Plans Luxury Multifamily Project
Codina sold the parcel on the south side of the Downtown Doral master plan along 41st Street and 87th Avenue to Charleston, SC-based real estate development and investment firm Greystar for $19.25 million.
DORAL, FL—Codina Partners, Downtown Doral’s master developer, has sold a key four-acre parcel that will eventually be developed as a multifamily complex.
Codina sold the parcel on the south side of the Downtown Doral master plan along 41st Street and 87th Avenue to Charleston, SC-based real estate development and investment firm Greystar for $19.25 million. The deal was brokered by Holliday Fenoglio Fowler, L.P.
Greystar’s planned multi-housing project, which is designed by MSA Architects, will feature 385 luxury apartments in a six- and eight-story building. Planned amenities at the property will include a rooftop sky lounge amenity deck, club lounge, expansive fitness center, two swimming pools and multiple courtyards with a park and yoga deck.
Greystar reportedly secured a $79-million loan from Northwestern Mutual Life Insurance to build the project, according to The Real Deal, which cited property records.
The HFF investment advisory team representing Codina Partners included executive managing director Manuel de Zárraga, managing director Jaret Turkell, senior director Maurice Habif and director Simon Banke. HFF notes it has closed several sales within Downtown Doral, including land sites set for an assisted living facility and an active adult residential development.
“Greystar is a world-class institution and we are pleased that they are developing a second project in Downtown Doral, as well as managing our new multi-family tower, 5250 Park,” says Ana-Marie Codina Barlick, CEO of Codina Partners.
The 250-acre mixed-use Doral Downtown development features approximately 70 shops and restaurants; a business district with almost 1 million square feet of Class A office space; 5,000 luxury residential units, including the 5350 Park condo tower, the 5250 Park apartments, and Canarias single-family and townhomes in The Residences at Downtown Doral; the Downtown Doral Charter Elementary School; the Downtown Doral Charter Upper School, a 6th through 12th grade charter school that is currently under construction; the Doral Government Center, a LEED-certified city hall and public green spaces adorned with world-class art.
Greystar manages and operates an estimated $115 billion of real estate in more than 180 markets globally including offices throughout the United States, UK, Continental Europe, Latin America and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds, and has an institutional investment management platform with $32 billion of assets under management, including $12 billion of assets under development.
Last week, Greystar Real Estate Partners, LLC announced that its University Partnerships platform exceeded $1.7 billion in awarded projects including developments with Sacramento State University, Salisbury University, the University of Massachusetts, Dartmouth, Mississippi State University and Lehigh University.