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The cycle for new multifamily construction is ending, and owners of multifamily development sites are looking for an out.   It makes sense. Many developers are putting their sites up for sale following a period of rapid growth fueled by the pandemic boom. Then came the slowdown, brought by unsustainable costs for land, financing and construction.  On top of that, developers have to offer more concessions to tenants to lease units at their buildings, commercial broker Tony Arellano tells Lidia Dinkova. A deluge of completed projects in 2023 and 2024 suppressed rent growth. And rents are falling in some neighborhoods.  Developers This article originally appeared on The Real Deal. Click here to read the full story.

Meta Development scored a $28M construction loan to build Opus, a planned 12-unit boutique condominium in Coconut Grove. Los Angeles-based Arixa Capital provided the financing to Miami-based Meta, a joint venture between Lucid Investment Group, also based in Miami, and Brazil’s Iron Capital, a press release states. Meta is led by CEO Andrew Rasken.  The firm plans to soon begin demolition of a former rental townhome complex at 3127 Southwest 27th Avenue, and expects to complete Opus in 2027, the release states. A Meta affiliate bought the property for $6.7 million in 2023, records show.  Designed by Brazilian architect João This article originally appeared on The Real Deal. Click here to read the full story.

Warren Buffett’s Berkshire Hathaway made a major investment in Miami-based homebuilding giant Lennar, purchasing over 7 million shares for nearly $800 million in the first half of this year.  Berkshire Hathaway bought 5.3 million shares of Lennar for $575 million in the second quarter, Berkshire revealed in a Securities and Exchange Commission filing on Thursday. The investment followed Berkshire’s purchase of 1.8 million Lennar shares for $222 million in the first quarter.  The investment gave Lennar stock a major boost, with its stock trading at over $135 per share on Friday morning, or more than 4 percent higher than Thursday’s This article originally appeared on The Real Deal. Click here to read the full story.

Lore Development Group plans a 402-unit apartment project on a portion of the closed Johnson & Wales University campus in North Miami, The Real Deal has learned.  Lore, a joint venture between Leste Group and Brazilian firm Opportunity Fundo de Investimento Imobiliário, wants to develop the Biscayne North Miami building on a 3.2-acre site on three lots east and west of Northeast 17th Avenue, between Northeast 126th and 127th streets, according to Jorge Rucas of Leste. Designed by Corwil Architects, the building will consist of studios and one-bedroom to three-bedroom apartments. All will be market-rate rentals.  The preliminary plan is This article originally appeared on The Real Deal. Click here to read the full story.

Spec home developer Todd Michael Glaser and the Posner Group are looking to flip for $169 million the waterfront Miami Beach estate they bought for $105 million in July — equating to a 60 percent markup. They also listed the property for rent, asking $495,000 a month.  Developer Sonny Kahn, a founding partner at Miami-based Crescent Heights, and his wife, Suzanne, sold the 2.3-acre estate at 5940 North Bay Road last month. The deal had been in the works for about six months. Glaser’s investor and partner, Jarrett and Sean Posner’s firm, financed the purchase. Glaser could sell or rent This article originally appeared on The Real Deal. Click here to read the full story.