Greystone, ALTA Sell The Mile

MIAMI—The Mile has trade hands. Greystone and ALTA Developers sold the asset to Monogram Residential Trust. Financial terms of the deal were not disclosed.

That said, we know the companies shelled out $7.1 million for the site at 3622 Southwest Coral Way in 2015. We also know the developers closed a $24.5 million first mortgage in May 2014. HFF  managing directors Jaret Turkell and Jeff Julien, along with associate director Maurice Habif, represented the seller in the off-market transaction.

Topped off in July 2015, construction is expected to be complete on The Mile during the first quarter of 2016 after two years of development. The multifamily community stands 13 stories high and will offer 120 units with street-level retail. The multifamily community is close to the Miracle Mile shopping district, the Coral Gables trolley and entertainment, restaurant and cultural venues.

"The Mile development represents Greystone's expansion into the Miami multifamily investment market and has allowed us the opportunity to forge new ground, while simultaneously developing solid long-term working relationships for future projects in the region," says Jeffrey Simpson, head of Greystone. Behar Font & Partners designed the multifamily project.

The Mile offers high-end amenities, including an indoor-outdoor social deck, which features a lounge, landscape, swimming pool and soaking pool. There's also a fitness center, gated parking, controlled electronic access, and balconies on each unit.

Monogram is increasing its presence in South Florida as part its focus on core coastal markets. The Mile follows the firm's acquisition of The Mark in Boca Raton and the opening of SOMA in Miami.

"Monogram continues to expand its high quality, young portfolio with targeted acquisitions in urban coastal markets," says Mark Alfieri, president and COO of Monogram. "With its exceptional amenities and prime location in one of Miami's most desirable neighborhoods, The Mile fits our portfolio's standards of luxury, customer service and design."

Coral Gables is rising on investors' radar screens. Riviera Plaza, a 45,000-square-foot mixed-use commercial building in Coral Gables, FL, traded hands recently. The asset sold for $16.5 million.