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Colliers International Florida Brokers $1.2M Sale of Development Site as Investors Turn Focus to Allapattah

MIAMI (Feb. 21, 2020) – With continued interest from developers turning their focus to tier three markets such as Allapattah where there is a need for a affordable/work force housing, Colliers International Florida is proud to announce that Associate Virgilio Fernandez, along with his team Gerard Yetming, Mitash Kripalani and Julian Zuniga, brokered a $1.2 million deal on a development site in the Allapattah neighborhood of Miami.

Located at 3717 NW 22 Avenue, the 18,120 square foot site offers a prime opportunity for development with a density that permits for 150 units per acre. The site is also in a Transit Oriented Development zone (TOD) and an Opportunity Zone.

“We’re seeing robust interest from developers looking to invest in Allapattah and tier three markets where they can still buy land at a reasonable price,” said Fernandez, who was the lead broker. “Our team was uniquely equipped to exclusively represent the seller and implement our multi-pronged process to successfully identify a qualified buyer and quickly execute the deal at ideal terms.”

Colliers International represented the seller, Luis Arrocho. Rodolfo Hinrich’s represented the buyer, David L Sanchez.

For information on this transaction or other available properties, please contact Virgilio Fernandez at 305-613-4507 or e-mail virgilio.fernandez@colliers.com


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Virgilio Fernandez

Senior Director

Miami

As Senior Director on the Colliers South Florida Capital Markets team I specialize in investment sales, namely land, retail and multifamily.

I exclusively represent private buyers and sellers of investment properties throughout South Florida. I assist clients in making investment decisions by providing them with rigorous analyses of their assets. I currently advise private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. My team and I have a proven track record with over $1 billlion in transactions. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, I seek to continue helping clients achieve their investment goals in the most effective and efficient manner.

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