July 13, 2017 Comments Off on Hines Divests Coral Gables MF for $100M Views: 729 Florida, National News, Southeast

Hines Divests Coral Gables MF for $100M

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Houston-based Hines sold Aviva Coral Gables, a newly-developed, 276-unit mid-rise apartment building located within Coral Gables, FL to Boston-based Berkshire Group for a reported $100 million. Completed in 2015, the transit-oriented property consists of an eight-story, for-rent multifamily development, and is Berkshire’s first acquisition in the Miami market.

Aviva Coral Gables was built on a 2.2-acre parcel, in close proximity to the Village of Merrick Park, a luxury, open-air lifestyle center. The property features an array of amenities, including a resort-quality saltwater pool and sundeck, a cyber-café/business center, a “club-quality” fitness center, ground-floor patios and balconies for all residents, and direct on-floor unit access from all levels of the eight-story parking deck.

Hines’ Michael Harrison says, “Aviva Coral Gables was a significant project for us, and the property provides the buyer a first-class asset with an exceptional location.”

ARA Newmark’s Hampton Beebe, Avery Klann and Jon Senn handled the transaction.

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