Greystar closes on Downtown Doral site to build new apartment project

Codina Partners sold the 4-acre property

UPDATED, March 28, 5:33 p.m. Greystar purchased a lot on the former White Course in Doral to build an apartment building called The Elan at Downtown Doral South.

Codina Partners sold the 4-acre lot at 8425 Northwest 41st Street for $19.25 million, or $110 per square foot. Greystar scored a $79 million loan from Northwestern Mutual Life Insurance to build the project, according to property records.

The new apartments will be Greystar’s second project planned for development at Codina’s Downtown Doral project. Last year, Greystar paid $14 million to build Overture Downtown Doral South, a roughly 200-unit apartment complex for residents 55 and older.

This latest project will not be age restricted. The Elan at Downtown Doral will be designed by MSA Architects and include a courtyard with a pool, fitness center, yoga deck, park and a clubroom.

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Article: Greystar | Lennar | Downtown Doral (therealdeal.com)