Terra Group LLC bought a 70-acre land property in northwest Miami-Dade, Fla., from Prologis Inc. for $52 million, financed by a $43 million loan from Synovus, The Real Deal reported, citing a press release.

Terra plans to develop the site, along NW 170th St. between I-75 and the Florida Turnpike, into a multifamily project with 1,369 apartments.

Construction is already underway, the publication noted, citing Terra's president, who said the development is planned in three phases, featuring one-, two- and three-bedroom garden-style apartments, with green space, parks, and three clubhouses with pools and fitness centers.