Prestige buys back Dania Beach apartments for $27M

Prestige Companies bought back a Dania Beach apartment property it sold two years ago.

The Miami Lakes-based firm, in partnership with MV Real Estate Holdings, reacquired Atlantica at 624 Northeast Second Street for $27.3 million, according to a news release.

Prestige, led by Marty Caparros Jr., sold the 124-unit garden-style community to Aventura-based S2 Development for $36.7 million in 2024. That deal broke down to $296,370 per unit. S2, headed by J. Claudio Stivelman, bought a 99-ground lease and obtained a $30 million mortgage from Kawa Capital, with plans to convert the apartments into for-sale residences, The Real Deal previously reported.

Read more – full article on therealdeal.com

S2 Development bought property for $37M in 2024 as a condo conversion but only sold six units

Movers & Shakers: MNS Real Estate expands to South Florida

MNS Real Estate, the New York City-based residential advisory and brokerage firm led by Andrew Barrocas, has expanded to South Florida. The firm is providing leasing advisory and marketing services for the 559-unit Metro Parc in Miami and the 106-unit Boca Villas in Boca Raton.

MNS, founded by Barrocas in 2006, has represented 41,000 units across 600 buildings and sold nearly 5,000 sponsor units, according to a release. It currently represents more than 22,000 units. Beginning next year, MNS will also produce South Florida rental reports, complementing its reports for Manhattan, Brooklyn, Queens and the Bronx.

Alexander Ruiz, chief operating officer and partner at Prestige Companies, has been appointed to the Florida Housing Finance Corporation Board of Directors. The Florida native has more than two decades of experience in real estate and finance, leading development, finance, investment and operational activities at Prestige. Over his career with the firm and its affiliated companies, Ruiz has coordinated more than $3 billion in real estate acquisitions and managed more than $1.8 billion in loans, according to a news release.

The Speaker of the Florida House of Representatives appointed Ruiz to the board, where he’ll work to address the state’s housing needs. The board consists of 10 other members, including eight appointed by the governor and confirmed by the Florida Senate, and one appointed by the president of the Florida Senate, as well as the secretary of the Florida Department of Commerce, who is an ex-officio voting member. Board members serve four-year terms.

Ruiz has served on the boards of Kristi House, the City of Hialeah Personnel Board and the City of Hialeah Workforce Housing Task Force. He graduated from the University of Miami with an MBA and graduate certificate in finance and international business.

Commercial real estate veteran Scott Allen joined Colliers’ South Florida team as senior vice president. Allen brings more than 27 years of commercial real estate experience. He specializes in tenant representation and strategic advisory, working with clients across leasing, sales, build-to-suit projects, acquisition and dispositions, a news release said.

Read more – full article on therealdeal.com

Plus, Prestige Cos COO appointed to FHFC, Colliers adds SVP, and Jessica Julian jumps from Douglas Elliman to Compass

Hialeah apartments offer a different vibe for renters. See what’s open

As South Florida continues to struggle with housing and traffic, a new Hialeah rental community is tackling both issues with garden-style apartments built near public transit lines.

The newest residential project in the city is Flamingo Village, a complex of 16 buildings and 341 apartments built on 13 acres of historic Hialeah Park, home to a casino and racetrack that has hosted political figures and celebrities like Winston Churchill and Jacqueline Kennedy.

The last of the 16 buildings in the community was finished in December, and ready is for renters. Other buildings in the community also have rentals available.

Read more – full article on miamiherald.com

As South Florida continues to struggle with housing and traffic, a new Hialeah rental community is tackling both issues with garden-style apartments built near public transit lines.

Prestige scores $20M construction loan for Davie workforce housing project

Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan.

A Boca Raton-based entity, Mint 12 Income 3, provided the financing for Pioneer Lofts, a planned garden-style complex with 105 apartments at 6325 Southwest 37th Street, records show. Designed by Hialeah-based architect Albert Gonzalez, Pioneer Lofts would consist of two three-story buildings on the 2.5-acre site.

In March, Prestige paid $3.1 million for an 0.8-acre slice and obtained an adjacent 1.7 acres from the town of Davie for $10, records show. Last year, the Davie Town Council approved an unsolicited bid from Prestige to redevelop the 1.7 acres, which was a former wastewater site.

Under the agreement, Prestige will set aside 80 percent of the apartments for tenants making up to 140 percent of the median income in Broward County. The remaining units will be reserved for tenants with up to 120 percent of median income. The median annual household income in Broward County was $64,522 in 2021, according to the U.S. Census Bureau.

Read more – full article on therealdeal.com

Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan.

Apartments planned at Trail Plaza in Miami by Longpoint – South Florida Business Journal

Part of this grocery-anchored retail center could be demolished to make way for a multifamily development.

Part of the Trail Plaza shopping center near West Miami could be redeveloped into multifamily.

LSG1 Trail Plaza LLC, an affiliate of Boston-based Longpoint Realty Partners, filed a pre-application with Miami-Dade County officials concerning the 14.9-acre site at 1144 S.W. 67th Ave./Ludlam Road, at the corner of Southwest 8th Street/Tamiami Trail. It currently has a 192,745-square-foot retail center that was built in 1987.

Read more – full article on bizjournals.com

Part of this grocery-anchored retail center could be demolished to make way for a multifamily development.