Estate Investment Group (EIG), one of South Florida’s most prolific multifamily developers, recently announced it has closed on the acquisition of three-acre parcel in the Village of Palmetto Bay for $4.4 million. The property is located at 18301 S. Dixie Hwy. and was purchased from Cornerstone United Methodist Church.
The property will serve as the home for the developer’s proposed 200-unit Soleste Bay Village community, which, once complete, will mark the second development under the village’s new zoning code allowing higher residential densities.
This acquisition is the latest in a series of high profile transactions from EIG, and is another step in the firm’s ongoing expansion into the growing South Dade region.
“Miami’s residential market still has plenty of gas in the tank,” said Robert Suris, principal of EIG. “Everyday there are more and more families in need of top-tier housing, which is in turn leading to significant growth throughout historically unnoticed locations.
“We made our mark on the City of West Miami by showing the difference quality housing can make on an area. Now, we’re looking forward to partnering up with the Village of Palmetto Bay in the same manner,” Suris added.
For more information visit www.eigfl.com.