MG Developer tapped Berkshire Hathaway HomeServices EWM Realty to take over the remaining sales of its Coral Gables projects, Althea Row and Biltmore Row, marking the third brokerage in a year and a half.
One Sotheby’s International Realty most recently handled sales and marketing of the projects. The townhome developments mark the final phase of the Coral Gables developer’s Biltmore Square community. Fifteen units remain: 10 at Biltmore Row and five at Althea Row. Both are located on the corner of Valencia Avenue and Anderson Row in Coral Gables.
The townhouses range from 4,500 square feet to 5,500 square feet and start at $3.4 million. EWM agents Frank Kissel and Annie Tabraue now are in charge of sales of the remaining units, said Ron Shuffield, president and CEO of the brokerage.
Shuffield said that the developer approached his firm to take over sales and marketing. He noted the substantial increase in out-of-state buyers throughout the pandemic. “Some days it seems surreal that this is happening,” Shuffield said.
Biltmore Square includes the residential projects Biltmore Parc and Beatrice Row. The developer also has Valencia Townhomes, The Ponce and Villa Blanc.
Fernando de Nuñez y Lugones, executive vice president of One Sotheby’s, said in a statement that the company is “proud to have nearly sold out Biltmore Parc, fully leased Villa Blanc, and we will continue to represent The Ponce.”
One Sotheby’s took over from Fortune International Realty in June 2019.
Althea Row is expected to be completed next year and Biltmore Row will be completed in 2022, according to a release. The developer recently secured $16.2 million in equity financing that was arranged by Colliers International brokers Jeffrey Donnelly and Dmitry Levkov.