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Prestige Companies breaks ground on Hialeah apartments

Prestige Companies just broke ground on Las Vistas at Amelia, a 174-unit rental complex in Hialeah.

The Miami Lakes-based developer expects to soon close on more than $18 million in construction financing from Centennial Bank, Prestige principal Alex Ruiz said.

Las Vistas at Amelia will be built at 7925 West 2nd Court, just north of Florida State Road 924 and next to Amelia Earhart Park. Records show Prestige affiliate Amelia Hialeah Holdings LLC paid $5 million for the 4.8-acre property in 2016.

The project will feature two-bedroom apartments averaging 900 square feet with monthly rents priced at $1,500, Ruiz said. Units will come with hurricane impact windows, washer and dryers and granite table-tops. The garden-style community will target millennials, and is set to be completed in about a year.

Prestige has been busy developing in the area. The developer recently built Amelia Oaks, a nearby 82-unit rental project.

Las Vistas at Amelia and Amelia Oaks join a number of other residential and commercial developments trying to court millennials in Hialeah, including MS Development’s and L. Michael Osman’s proposed Apogean Pointe mixed-use project.

 

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Prestige Companies just broke ground on Las Vistas at Amelia, a 174-unit rental complex in Hialeah. The Miami Lakes-based developer expects to soon close on more than $18 million in construction financing from Centennial Bank, Prestige principal Alex Ruiz said. Las Vistas at Amelia will be built at 7925 West 2nd Court, just north of [...]

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Hialeah industrial building will be demolished to make way for apartments

Plans for the Parc Vista apartments in Hialeah received a boost with $13 million construction loan.

Boca Raton-based Amzak Capital Management awarded the mortgage to Hialeah 7.65 LLC, an affiliate of Miami Lakes-based Prestige Builders Group. It covers the 5.2-acre site at 7755 West Fourth Ave. (Red Road).

Parc Vista was approved in 2018 for 212 garden-style apartments in nine buildings. It was designed by architect Albert Gonzalez.

An industrial building there will be demolished. There’s been a trend of older industrial buildings in Doral being replaced by multifamily and mixed-use projects.

The site is just south of Miami-Opa Locka Executive Airport, where a major Amazon.com fulfillment center is under construction. The project is also near Amelia Earhart Park.

Plans for the Parc Vista apartments in Hialeah received a boost with $13 million construction loan. Boca Raton-based Amzak Capital Management awarded the mortgage to Hialeah 7.65 LLC, an affiliate of Miami Lakes-based Prestige Builders Group. It covers the 5.2-acre site at 7755 West Fourth Ave. (Red Road). Parc Vista was approved in 2018 for [...]

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Hialeah Apartments | Amelia Earhart Park

Prestige Companies just broke ground on Las Vistas at Amelia, a 174-unit rental complex in Hialeah.

The Miami Lakes-based developer expects to soon close on more than $18 million in construction financing from Centennial Bank, Prestige principal Alex Ruiz said.

Las Vistas at Amelia will be built at 7925 West 2nd Court, just north of Florida State Road 924 and next to Amelia Earhart Park. Records show Prestige affiliate Amelia Hialeah Holdings LLC paid $5 million for the 4.8-acre property in 2016.

The project will feature two-bedroom apartments averaging 900 square feet with monthly rents priced at $1,500, Ruiz said. Units will come with hurricane impact windows, washer and dryers and granite table-tops. The garden-style community will target millennials, and is set to be completed in about a year.

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Prestige Companies just broke ground on Las Vistas at Amelia, a 174-unit rental complex in Hialeah. The Miami Lakes-based developer expects to soon close on more than $18 million in construction financing from Centennial Bank, Prestige principal Alex Ruiz said. Las Vistas at Amelia will be built at 7925 West 2nd Court, just north of [...]

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Prestige Builders Group seeks rezoning to build 212 apartments in Hialeah

An affiliate of Miami Lakes-based Prestige Builders Group proposed a development that would replace an industrial property in Hialeah with 212 apartments.

The affiliate of Prestige Builders, Hialeah 7.65 LLC, applied to Hialeah’s municipal government to build a nine-building apartment complex on the site of a 62-year-old industrial building.

The developer paid $10.5 million in 2017 for the industrial property at 7755 West 4th Avenue (Red Road) in Hialeah, just south of Miami-Opa Locka Executive Airport.

Prestige Builders plans to ask the city to rezone approximately half of the 5.2-acre site for apartment development. Albert Gonzalez is the project’s architect.

The Hialeah City Council may consider whether to approve the proposed rezoning on June 12. The council approved a platting of the site into two parcels on May 22.

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An affiliate of Miami Lakes-based Prestige Builders Group proposed a development that would replace an industrial property in Hialeah with 212 apartments. The affiliate of Prestige Builders, Hialeah 7.65 LLC, applied to Hialeah’s municipal government to build a nine-building apartment complex on the site of a 62-year-old industrial building. The developer paid $10.5 million in [...]

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Hialeah | Prestige Builders Group | 7755 West 4th Ave.

An affiliate of Miami Lakes-based Prestige Builders Group proposed a development that would replace an industrial property in Hialeah with 212 apartments.

The affiliate of Prestige Builders, Hialeah 7.65 LLC, applied to Hialeah’s municipal government to build a nine-building apartment complex on the site of a 62-year-old industrial building.

The developer paid $10.5 million in 2017 for the industrial property at 7755 West 4th Avenue (Red Road) in Hialeah, just south of Miami-Opa Locka Executive Airport.

Prestige Builders plans to ask the city to rezone approximately half of the 5.2-acre site for apartment development. Albert Gonzalez is the project’s architect.

The Hialeah City Council may consider whether to approve the proposed rezoning on June 12. The council approved a platting of the site into two parcels on May 22.

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An affiliate of Miami Lakes-based Prestige Builders Group proposed a development that would replace an industrial property in Hialeah with 212 apartments. The affiliate of Prestige Builders, Hialeah 7.65 LLC, applied to Hialeah’s municipal government to build a nine-building apartment complex on the site of a 62-year-old industrial building. The developer paid $10.5 million in [...]

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Miami Beach firm pays $13.5M for Hialeah apartment complex

A Miami-Beach based company paid $13.5 million for a 90-unit apartment complex in Hialeah, property records show. The acquisition comes at a time when city has seen an increase in investment there.

The 114,575-square-foot rental community at 6195 West 19 Avenue traded hands for $150,000 per unit.

The buyer, Fields and Green Family’s LLC, is led by Jonathan Fields and Leah Green. Records show they financed the deal with a $10.6 million loan from Florida Community Bank.

The seller is a Hialeah-based company led by Carlos, Christopher and Michael Sanchez. The family paid $3.85 million for the complex in 1999, records show.

Marcus & Millichap’s Arthur Porosoff brokered the deal. The complex, built in 1972, sits on a 2.3-acre lot and is comprised of a pair of three-story buildings.

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A Miami-Beach based company paid $13.5 million for a 90-unit apartment complex in Hialeah, property records show. The acquisition comes at a time when city has seen an increase in investment there. The 114,575-square-foot rental community at 6195 West 19 Avenue traded hands for $150,000 per unit. The buyer, Fields and Green Family’s LLC, is [...]

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The SoFla lowdown: Trump Group’s big loan, spec home partners form amid slowdown and investors target mobile home parks

A Trump-sized loan: It was among the biggest financing deals to hit the South Florida condo market. The Trump Group’s $558 million construction loan for The Estates at Acqualina in Sunny Isles turned heads. Not surprisingly, it was Bank OZK that provided the loan. Formerly Bank of the Ozarks, the deal again shows the Arkansas-based bank’s aggressiveness in the local condo market, where it has financed much of the recent boom.

With the funding, Jules Trump, (no relation to the president) his wife Stephanie and his brother Eddie now can build both 50-story towers of The Estates at Acqualina, as well as the amenity villa, called Villa Acqualina. That’s a change in direction for the developers. In 2016, Jules Trump had put sales and construction of the $1.5 billion project’s north tower on hold amid the market slowdown.

Trump recently said that sales are above 65 percent for the south tower, which broke ground in May. With markets like Brazil and Russia pulling back on foreign spending, the developers have switched their focus to the U.S., including those markets in the Northeast that have state income tax, he said.

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A Trump-sized loan: It was among the biggest financing deals to hit the South Florida condo market. The Trump Group’s $558 million construction loan for The Estates at Acqualina in Sunny Isles turned heads. Not surprisingly, it was Bank OZK that provided the loan. Formerly Bank of the Ozarks, the deal again shows the Arkansas-based [...]

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Prestige partnership plans $100M rental complex to replace mobile home park

October 02, 2018 02:30PM

A joint venture between Prestige Companies and Summit Property Group is planning a $100 million multifamily community next to the planned Ludlam Trail, The Real Deal has learned.

The partners want to develop 600 to 800 apartments in addition to commercial space on nearly 8 acres of land on the northwest corner of Southwest 12th Street and Southwest 70th Avenue, just south of Miami International Airport, according to Alex Ruiz, a principal with Prestige Companies.

Last week, the joint venture, Lion Miami Terrace, LLC, won county approval for a land-use amendment that will rezone the property from industrial and office to a new development zone centered around the planned 6-mile long Ludlam Trail linear park.

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October 02, 2018 02:30PM A joint venture between Prestige Companies and Summit Property Group is planning a $100 million multifamily community next to the planned Ludlam Trail, The Real Deal has learned. The partners want to develop 600 to 800 apartments in addition to commercial space on nearly 8 acres of land on the northwest [...]

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Prestige Builders enters $300.3M conversion deal

Aug 10, 2005, 4:57pm EDT

Prestige Builders Partners has purchased the Minto South Florida portfolio of six multifamily properties in Delray Beach, Coconut Creek and Plantation for $300.31 million.
The Miami Lakes-based condo converter said its average $198,488 per-unit price was the result of a strenuous bidding process for Coconut Creek-based Minto Builders’ six communities, which range in age from 15 to 19 years old.
The 1,513-unit package includes:
• the 288-unit Spring Harbor and the 200-unit Spring Landing in Delray Beach
• the 168-unit Crown Pointe, the 372-unit Forest Point and the 192-unit Star Point – all at the Township in Coconut Creek
• the 293-unit Tuscany Place in Plantation
Marc deBaptiste and Avery Klann of Boca Raton-based Apartment Realty Advisorsrepresented Minto in the transaction. The Boca Raton ARA office said it has concluded $1.9 billion in multifamily sales so far this year.
Principals in Prestige Builders Partners are Jose Boschetti, Martin Caparros and Arthur Falcone

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Aug 10, 2005, 4:57pm EDT Prestige Builders Partners has purchased the Minto South Florida portfolio of six multifamily properties in Delray Beach, Coconut Creek and Plantation for $300.31 million. The Miami Lakes-based condo converter said its average $198,488 per-unit price was the result of a strenuous bidding process for Coconut Creek-based Minto Builders' six communities, [...]

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Mystery solved: Texas-based firm bought 11-property portfolio

Deals don’t stay secret in the real estate business for long. An 11-property, 2,982-unit apartment portfolio was brokered in mid-December by the Boca Raton office of Apartment Realty Advisors.
The sellers were Miami Lakes-based Prestige Builders Partners and Parkland-based Falcon Funding LLC. The buyer was Irving, Texas-based Archon Group, which also has a Boca Raton office.

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Deals don't stay secret in the real estate business for long. An 11-property, 2,982-unit apartment portfolio was brokered in mid-December by the Boca Raton office of Apartment Realty Advisors. The sellers were Miami Lakes-based Prestige Builders Partners and Parkland-based Falcon Funding LLC. The buyer was Irving, Texas-based Archon Group, which also has a Boca Raton office. [...]

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