Developer to close $18M construction loan soon
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.