Apartment Buy Could Lead To Something More
A group of investors from NYC just bought into Coconut Groves' multifamily market. But the buy could be more of a land play in the future. The unnamed investors purchased Virginia Street Apartments, a seven-story, 66-unit project at 2890 Virginia St, just a jaunt from the Coconut Grove Metromover Station. Marcus & Millichap's Arthur Porosoff brokered the sale, which priced in at $11.1M, or nearly $17k/unit. Arthur says while the project is income-producing, the one-acre site underneath it is zoned for multiple uses, including office, retail and 137 hotel rooms. It's unclear if the new owners plan any redevelopment in the near future.