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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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 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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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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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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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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Sep 3, 2007, 12:00am EDT

“Other construction companies that appeared on last year’s list have experienced steady growth. Prestige Builders Partners, a real estate developer based in Miami Lakes, moved up one slot – from 20 to 19 – with 66.6 percent growth for 2005-06” .

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GULF COAST BUSINESS REVIEW

October 07, 2005

By Sean Roth

Real Estate Editor

Palmer Ranch is going condo. The upscale 5,200-acre community in Central Sarasota County went from five apartment compelexes to four to three to two. Two weeks ago, a major condo converter purchased one of the remaining apartment complexes, and all signs point to the fifth being purchased by another converter in the coming months.

At the center of this activity is Miami Lakes-based Prestige Builders Partners, which owns three of the five Palmer Ranch apartments. It is the largest converter of condominium units statewide.

On Aug. 12, the company set a record for the largest multifamily complex purchase closed in Florida when it acquired more than 1,500 units in Broward and Palm Beach counties for $315 million. The company is also attempting the largest individual property condo conversion in the state with the 969-unit, 17 building Las Vistas at Doral.

So far this year, Prestige Builders Partners, ranked as the 32nd largest private company by gross revenues in South Florida by the South Florida Business Journal, acquired more than 12,000 units in Florida. The company projects sales from its current inventory of properties will pass the $1 billion mark by the second quarter of 2006. On the Gulf Coast, Prestige Builders Partners owns almost 6,000 condominium/apartment units in 18 communities from Tampa to Naples (See Properties chart).

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The Miami Herald – February 2, 2003 – 5NW Neighbors NW

Prestige Builders Group has joined the city of Hialeah to enhance athletic programs for children ages 6-18. The one-year partnership, with a special emphasis on education, names Prestige the Official Youth Athletic Program Sponsor of Hialeah’s Recreation and Community Services Department. Highlights of the partnership include: * $16,000 from Prestige for additional and improved athletics awards, equipment and supplies * A Prestige Builders Group “MVP of the Week” award:..

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