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.
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