MG Developer is looking to expand its multifamily rental presence in Miami and has announced plans for its next luxury rental community. The company partnered with The Baron Property Group to develop Merrick Parc, a $204 million multifamily development.
The project already received an initial $24 million tranche with $13 million in equity financing from Colliers. MG Developer first acquired the land for the project with the help of debt financing from S3 Capital, whose financing closed in late April 2022. Now, the developer is expecting to start construction on Merrick Parc in the first quarter of 2023 and has tapped Behar & Font as the project’s architect.
Merrick Parc will offer studio, one- and two-bedroom units that will be spread throughout two towers of the high-rise development. The community’s amenities will include a pool, pool deck, social area, gym and business center. Located at 3191 SW 39th Ave. in Miami’s Coral Gables submarket, Merrick Parc is near The Shops at Merrick Park and the University of Miami, as well as 4 miles away from a Tri-Rail station. The community’s location gives residents a quick commute to Miami’s major neighborhoods, including Brickell, Wynwood and Miami Beach.
MAKING MORE RENTALS, TOWNHOMES IN MIAMI
Alirio Torrealba, founder & CEO of MG Developer, said in prepared remarks that Merrick Parc would be the company’s second multifamily rental project in Miami. MG Developer opened its first multifamily rental community in Hialeah in fall 2021. The 560-unit community, called Metro Parc, offers one- and two-bedroom floorplans in a 10-story apartment building. The company is also currently planning a 48-unit community called Gables Village that’s also in Coral Gables.
Besides rental communities, MG Developer’s portfolio mostly includes townhome-style communities in the Miami metro. The company’s latest townhome project, Althea Row, was completed in 2021 and nearly sold out in less than 90 days. MG Developer is now looking to complete its Biltmore Row community soon, which offers 10 townhomes in four- or five-bedroom floorplans.