Heading south: Alta buys dev site for apartment complex near Homestead
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Raimundo Onetto’s Alta Developers bought a development site near Homestead for $9 million with plans for a multifamily project, as a flurry of real estate investment deals continue to target south Miami-Dade County.
Alta plans to build a 264-unit apartment complex and 27 townhouses, according to a news release. The nearly 12-acre property at 24500 Southwest 127th Avenue is between Southwest 127th and 128th avenues and a short distance south of 240th Street.
The seller, Princeton Land Investments, is tied to Coral Gables-based law firm Korge & Korge.
Alta is expected to submit an application to the county next week, the company said.
The three-story garden-style project is planned to offer one-, two- and three-bedroom apartments and three-bedroom townhouses. Alta has not yet decided whether the townhouses would be for rent or for sale.
Miami-based Alta’s other development ventures span across the county and beyond, including a planned multifamily project just north of Young Circle in Hollywood. Alta paid $23 million for the property in August and is expected to build a pair of 18-story buildings with 452 apartments.
An entity linked to Onetto just sold a fractured condo, townhouse and single-family house portfolio mostly in Homestead to Chilean firm Frontal Trust Investment Management for $22 million.
Although developers’ top choice is often developable sites in thriving Miami neighborhoods such as Edgewater and Wynwood, many investors also are turning to south Miami-Dade, which offers swaths of buildable land for less money.
In other recent south Miami-Dade deals, Armando Bravo bought a site in a Homestead Opportunity Zone for $5.4 million, with plans for a roughly 190-unit apartment complex with several four-story buildings and retail.