Prism, who will be operating partner, will redevelop the former car dealership site into a development that will feature 232 apartments and 12,000 square feet of retail space.

Casino and hotel operator Caesars had been pushed to consider a sale by Icahn, its biggest shareholder.

The venture capital firm filters out the best investment opportunities through several processes but also peruses cold leads.

The Miami firm has purchased 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables. The deal calculated out to a purchase price of $336-a-square-foot, according to Cushman & Wakefield.