Abbhi Capital and Peter Gardner purchase Coconut Grove apartments development site for $19m
With it’s most recent real estate investment, Abbhi Capital is planning a mixed-use development in an Opportunity Zone in downtown Coconut Grove.
Coconut Grove Apartment Acquisition
The property was acquired through an affiliate with Peter Gardner and the joint venture plans to establish a new destination for residents and visitors of Coconut Grove, adding to the recent investment that has contributed to the growth that the area has recently witnessed. The $18.8m investment includes a development site that spans a full city block across 2.4 acres on the southeast corner of Grand Avenue and Plaza Street.
Qualified Opportunity Zone Fund
Abbhi Capital plans to build a multi-story, mixed use project with apartments and retail. The investment is being made through a Qualified Opportunity Zone Fund that has been funded by the two partners. Gardner is a partner at Boston-based Longpoint Realty Partners, which is a real estate owner-operator focused on retail and industrial. But he is partnering on the Coconut Grove venture with Abbhi independent of Longpoint.