An affiliate of Mill Creek Residential purchased an older apartment complex in Miami-Dade County’s Dadeland area and secured a big loan to replace it with a much larger residential complex.
Les Chalet Investments, a Miami-based company led by Tomas Cabrerizo, sold the 145-unit apartment complex at 8215 S.W. 72nd Ave. for $26 million in two transactions. It was built in 1967 and its days are coming to an end.
Metro Dadeland, the Mill Creek Residential affiliate that bought the property, received two construction loans from SunTrust Bank totaling $77 million. It recently started construction of 422 high-rise apartments in 25 stories.