The Real Deal South Florida covers the transaction of Villa Valencia, coming soon to Coral Gables.
Villa Valencia features thirty-nine luxury condominium residences that offer a rich city lifestyle with the privacy of boutique living. The residences at Villa Valencia, each with at least one corner exposure, rise to 13 stories, crowned with two Lower penthouses and one Upper penthouse in the sky.
From the article, “Coconut Grove-based Location Ventures is under contract to purchase a Coral Gables rental complex for $16 million where the firm plans to build a boutique condo project.
Villa Valencia, a 13-story, 39-unit condo building, would be built on the property at 501-525 Valencia Avenue, replacing low-rise apartment buildings built in the 1950s, Location Ventures CEO Rishi Kapoor told the South Florida Business Journal. Units would average about 3,300 square feet and start at $1.8 million. The development would also include two lower 4,500-square-foot penthouses an upper-level penthouse with 7,000 square feet of living space.
Amenities would include a pool, Hammam spa, cabanas, a gym, club room, business center and access to private garages.
The seller, TM Residential, led by Matthew Pellar, paid $4.5 million for the 34-unit rental property in 2012.
The area has seen a surge of activity. Nearby, developers are working on completing Giralda Place, a mixed-use development with luxury condos, office space and retail.”