A Coral Gables-based company has purchased two multi-family buildings in Coconut Grove.
West Townhomes, a company managed by G. D8 Development, bought the two adjoining properties from Alan Mobley, a trustee of the Greater Miami Mobley Family Trust Land Agreement, Miami-Dade County records show.
The company paid $2.5 million for both. The two-unit building at 3161 Center Street is 1,050 square feet, and the eight-unit building at 3156 Southwest 27th Avenue is 4,160 square feet, the Daily Business Review reported.
Both were built in the 1950s, and together the properties make up roughly a half acre, according to Miami-Dade property records.
The site is in an area that’s been heating up with development. Nearby, Terra Group is developing Grove at Grand Bay, two 20-story towers with 96 luxury condos at 2675 South Bayshore Drive. Along with Related Group, Terra is also developing Park Grove, two 20-story, 72-unit condo towers and a third 20-story building
Source: The Real Deal