CLIENT NEWS: MG Developer completes assemblage for Metro Parc South
January 30, 2024MG Developer completed the assemblage for its planned Metro Parc South multifamily project in Hialeah.
The firm paid $16.3 million in three deals for 1.8 acres along East 24th and 25th streets, near Ninth Avenue. In the biggest purchase, MG paid $10.5 million for the sites at 975 East 24th Street, as well as at 934 and 954 East 25th Street, according to records. An entity led by Michael Klinger, of real estate firm Saber Fund, sold the properties that are now home to a retail building.
MG also bought the small apartment buildings at 981, 991 and 997 East 24th Street for $3.5 million from Elizabeth Delgado. In the smallest deal, the firm bought the single-family home at 965 East 24th Street from an entity led by Klinger for $2.2 million, according to records.
MG financed the purchases with a $16 million loan from LV Lending.
The planned 10-story Metro Parc South will consist of 347 apartments, according to an MG spokesperson. Construction is expected to start in the third quarter, and completion is expected in 2026.
The project is part of MG’s bigger three-phase development in Hialeah.
The first two phases consist of the 10-story, 559-unit Metro Parc, and the 10-story, 620-unit Metro Parc North. New York-based Baron Property Group is partnering on these phases.
Completion of Metro Parc is expected next year. Metro Parc North is expected to be completed in 2025, according to the spokesperson.
In 2022, MG and Baron scored a $148 million construction loan for Metro Parc.
Led by Alirio Torrealba, MG’s project pipeline includes the 48-unit Village at Coral Gables with townhouses, lofts, villas and condos at 535 Santander Avenue in Coral Gables.
Developers have seized on Hialeah, transforming the city from a largely single-family home community with industrial real estate to a multifamily mecca. Prestige Companies is one of the most active developers in the city, completing several Amelia-branded projects with rentals and retail. In November, Prestige scored a $20 million construction loan for a three-story 114-unit apartment complex with commercial space at 1001 Southeast 11th Street.
