Ten Aragon, located in the historic community of Coral Gables, Florida was purchased for several specific reasons. The mixed-use property has residential, commercial, retail, office and garage space all in one facility on the historic "Miracle Mile". Upscale and quietly elegant, "The Gables" has the enduring reputation as "the City Beautiful".
Ten Aragon has 184 apartments, most of which have unobstructed views of downtown Miami, Biscayne Bay and South Coral Gables. The property is an 8 month old, 511,701 square foot structure with 15 stories on 1.99 urban acres along the Miracle Mile in Coral Gables Florida. The property consists of a 5 story base and 10 story residential tower. There are 184 apartment units that are to be converted to condominiums, 65,000 square feet of commercial, retail and office space and 615 parking garage spaces. The residential tower includes 1 bedroom/1 bath, 2 bedroom/2 bath, and 3 bedroom/2 bath apartments. Amenities include an outdoor swimming pool and spa, a fitness center and a business center.
The property closed on December 23, 2004 as a joint venture between Prospect Capital Group and the Robert Martin Company.
Executive Summary
- Address
- 10 Aragon Avenue and 55 Miracle Mile
Coral Gables, FL 33134 - Description
- Ten Aragon is described as "Old world elegance transformed in sleek European style. The grand exterior sweeps you high above an exciting array of charming shops, fine dining and Coral Gables night life".
- Location
- Bay Meadows is part of the Southside Market Area, south of the CBD along I-95. The Bay Meadows submarket has a 7.5% industrial and warehouse vacancy compared to the 9.3% in the Southside market and 7.4% for the region.
- Investment Rationale
- Ten Aragon sits on 1.99 urban acres along the Miracle Mile in Coral Gables, Florida. The project provided us with an opportunity to realize gains through conversions and completion of office/retail lease-up.
- Number of Units
- 184
- Web Site
- www.tenaragon.com