The project, which consists of three-story structures, is currently 50% occupied and 60% leased. As the units were delivered, they became available for occupancy. Construction began on Villa Del Sol in October 2001. The total development cost of the project is $26.45 million.
Rental rates for the units range from $805 to $1,290 per month. The unit sizes are 750 sf for one-bedroom apartments, 1,074 sf for two-bedroom units, and 1,266 sf for three-bedroom apartments.
Upscale amenities at the community include a private clubhouse with a piano bar, a billiards room, a business center, a children's game room, a fitness center, resort concierge service, and poolside towel and beverage service.
Villa Del Sol is being developed by Cornerstone Group Development LLC and constructed by Alliance Construction. Both entities are divisions of the 10-year-old, Coral Gables, FL-based Cornerstone Group, which has experienced tremendous growth in the past several months.
In less than a year, the company has doubled its corporate headquarters and its workforce to 300 employees system-wide. Cornerstone has $150 million gross annual revenue and a portfolio of developed and/or managed properties of more than $755 million in real estate assets.
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