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AMLI Residential buys Miami development site for $35M

Multifamily real estate company AMLI Residential Properties Trust purchased a 669,600-square-foot development site in Miami's Wynwood neighborhood from Tristar Capital LLC for $35 million, The Real Deal reported, citing Tristar's David Edelstein.

The site at 45 NW 24th St. comprises five buildings with 41,000 square feet of commercial space, and AMLI plans to develop it into a mixed-use project with 321 residential units and 45,000 square feet of retail space, the publication added.

Cushman & Wakefield represented Tristar in the transaction.