Cade Capital recently acquired a development site in Coral Gables for the purpose of constructing a multifamily project. The affiliate of Miami-based Cade Capital purchased a combined 0.8-acre parcel located at 130, 152, and 160 Almeria Avenue, which has received approval for a 13-story building featuring 122 apartments, as reported by Vizzda. Additionally, the transaction encompassed a nearby parking lot at 103 Almeria Avenue.
The acquisition, valued at $11.5 million, was undertaken by Cade Capital, led by its principals John Marquez, Juan Moroso Marquez, Jose Vizcarrondo, and Alfredo Vargas, according to records and Vizzda.
The seller, a joint venture between Ubica, headquartered in Miami, and Coral Gables-based Maven Real Estate, had initially procured the four properties, along with an office building situated at 2701 Ponce de Leon Boulevard, for a combined sum of $15.7 million in 2019 and 2021. Notably, the office building was not included in the sale to Cade Capital.
In addition to the acquisition, Cade Capital entered into an agreement allowing Ubica and Maven to retain development rights for the office building. This arrangement permits Cade Capital to incorporate the office building’s floor area ratio into its proposed development.
In the previous year, while under contract, Cade Capital secured approval from the Coral Gables Development Review Committee to rezone the parcels at 130, 152, and 160 Almeria Avenue, enabling the construction of a commercial high-rise. The firm’s proposal is slated for review by the city’s planning and zoning board in November.
The proposed apartment building is designed to offer 187 parking spaces, with unit sizes ranging from studios to one-, two-, three-, and four-bedroom apartments. Additionally, the project will feature four live/work units on the ground floor.
Cade Capital boasts a portfolio that includes the development of two apartment buildings in Miami, as well as co-development projects comprising two office condominiums in Aventura and Hallandale, along with an office and retail complex in Miramar, according to the firm’s website.
In a separate venture last year, Cade Capital’s Jose Vizcarrondo partnered with Rock Soffer of Aventura-based Turnberry Associates, and Guadi Castro of Miami-based Native Construction to acquire a 1-acre development site in Miami’s Little River neighborhood. The trio invested $5.8 million in a two-property assemblage that received approval for a building with a maximum height of 12 stories and a total of 154 units.
