Avalon Bay Merrick Park

PROPERTY CHARACTERISTICS

• 1.02 acre development site of 153 rental units and 15,000 sf of retail
• Located in an untapped micro-neighborhood adjacent to Merrick Park and Coral Gables, one of Florida’s most affluent communities

ACQUISITION

• May 2017

INVESTMENT OPPORTUNITY

• Off-market transaction at an attractive cost basis
• The site offers the prestige and amenities of adjacent Coral Gables, while benefiting from the City of Miami’s flexible urban zoning
• The site is adjacent to Miami’s metro rail and is located one stop from University of Miami and three stops from Brickell / Downtown, Miami’s primary employment hub
• Proximity to the entertainment centers of Merrick Park, Coral Gables and Coconut Grove provides quick access to world-class restaurants, shops, cultural attractions and parks

EXECUTION

• Mast is in the conceptual design phase and has retained Arquitectonica, a premier architecture firm with deep Miami residential experience (e.g., Brickell City Centre, Icon Brickell, One Miami), to design the project