Coastland Residential has landed an $84.5 million construction loan from PNC Bank to build Vybe 75, a 366-unit apartment project near Tropical Park in southwest Miami-Dade County. It’s a straightforward construction financing story on its face. Read alongside what else is happening in Florida real estate right now, it’s also a useful data point for a market that keeps refusing to move in one direction all at once.
The eight-story building at 4383 Southwest 75th Avenue will include 5,000 square feet of ground-floor retail, a rooftop pool, a gym, a co-working lounge, a sports simulator and a movie theater. At least a portion of the units will be priced within 120% of the area’s median income, though Coastland declined to specify how many, positioning the project as attainable rather than luxury housing for a submarket just east of the Palmetto Expressway. Coastland bought the 4.3-acre site for $14.5 million last year and plans roughly 1,000 units total across future phases, with Vybe 75 as the first. The Pinecrest-based developer, launched five years ago by Anthony Seijas and Alejandro Rodriguez, grew out of Rodriguez’s own contracting firm, which is also building the project.
Vybe 75 isn’t an isolated bet on Miami-Dade multifamily. Harbor Group International closed on the 505-unit Emerald Palms Apartments near Zoo Miami for $109 million this month, assuming an existing Freddie Mac-backed mortgage in the process. The Norfolk, Virginia-based investor, which paid over $400 million for the 816-unit ParkLine Miami in downtown Miami four years ago, has continued adding to its South Florida footprint even as it’s also been a net seller of apartments elsewhere in its national portfolio this year. A few miles north in Hollywood, Ultimate Equity separately paid $32 million, an all-cash 1031 exchange, for the 69-unit Royal Oaks townhome community, a record price per unit for that submarket according to Cushman & Wakefield, which brokered the sale…