Miami-based firm’s 4241 Aurora to bring high-end residences, retail and office space to city’s Arts and Innovation District

MIAMI, FL (Sept. 28, 2022) – Constellation Group and The Boschetti Group are poised to bring much-needed new high-end residences, retail and office space to the Merrick Park neighborhood of Coral Gables. The Miami-based firms submitted plans to the city for the mixed-use 4241 Aurora at the entrance of Merrick Park.

The proposed development is located in the city’s burgeoning Arts and Innovation District. Designed by renowned architects Bernardo Fort-Brescia and Raymond Fort of Arquitectonica, 4241 Aurora would include 70 luxury residential units, approximately 10,000 square feet of retail and 20,000 square feet of office. Arquitectonica also designed a 5,000-square-foot park for the project with beautiful landscaping, hardscape and public art.

During the planning stages, Constellation held a voluntary neighborhood meeting to present 4241 Aurora and get feedback from residents.

“Neighborhood residents expressed tremendous enthusiasm for our development,” Constellation Principal Eduardo Otaola said. “We are catering to the strong demand for larger luxury residential units at a significantly lower density than what is allowed on the site. The public park component enhances the flow and walkability of Merrick Park’s entrance and the proposed retail space on the ground floor.”

Land-use attorney Jorge Navarro, a Shareholder in the Miami office of Greenberg Traurig, is representing Constellation in the approval process.

Constellation is separately developing another Arquitectonica-designed mixed-use project in the Merrick Park neighborhood. That seven-story development will include approximately 70,000 square feet of office and retail as well as a rooftop amenity area. The proposed project replaces small office buildings that were constructed in the 1950s.

“We are following the city’s lead with its creation of the Arts and Innovation District, a former industrial area that is being transformed through effective and proper development,” Boschetti Group Principal Jose Boschetti said. “Our thoughtful, well-designed developments will help this unique district reach its vast potential.”

About Constellation Group:

Constellation Group is a commercial real estate investment firm based in Miami offering a family office approach to real estate investments. Specializing in multifamily, office and retail, Constellation seeks to execute on yield and return driven investment strategies. The firm operates with the mission to consistently generate safe and superior returns, while offering unparalleled fiduciary standards that provide a strong foundation for long-lasting generational wealth to its investors.

Miami real estate firm completes first purchase in growing city with 120 Ninth Street, pursuing additional Central Texas acquisitions

MIAMI, FL and SAN ANTONIO, TX (Nov. 1, 2021) – Commercial real estate firm Constellation Group closed its debut multifamily investment in downtown San Antonio and second in Central Texas this year. The Miami-based firm purchased 120 Ninth Street, a Class A 220-unit apartment community located directly on the famous San Antonio River Walk.

Constellation closed the 120 Ninth Street acquisition on Oct. 29, 2021. Financial details were not disclosed.

120 Ninth Street is one of the few apartment communities located directly on the River Walk. The recently completed property features modern interior design, premium finishes and an array of community amenities including an infinity-edge pool overlooking the river, a structured parking deck, outdoor courtyard with grilling stations, lounge seating and a firepit; electric bike rentals; a state-of-the-art fitness center; pet-friendly park and much more.

Constellation cited the community’s ideal proximity to downtown San Antonio employers and the City’s premier entertainment hub, The Pearl District, as a pivotal factor in the firm’s interest in 120 Ninth Street. The Pearl, a reimagined brewery that is now home to the award-winning Hotel Emma, is San Antonio’s prime culinary and cultural destination. The District and Broadway Corridor, which is experiencing significant commercial development and public improvements to make it more pedestrian-friendly, is fueling the ongoing resurgence of San Antonio’s historically overlooked downtown.

The 120 Ninth Street community is also immediately south of the I-35 and I-37 intersection, providing residents with an easy commute to all of San Antonio and Austin.

“We could not have asked for a better property to serve as the first San Antonio asset in our expanding multifamily portfolio,” Constellation Principal Eduardo Otaola said. “A newly built community in a downtown corridor that is experiencing a renaissance of new development, 120 Ninth Street is poised for strong leasing activity and rent growth throughout our investment horizon.”

Spencer Roy of Walker & Dunlop brokered the transaction. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged the acquisition financing from CrossHarbor Capital Partners.

Constellation engaged ResProp, a tech-focused property management firm based in Austin, to oversee management and leasing of 120 Ninth Street.

Earlier this year, Constellation acquired the 259-unit Conley Apartments near Austin, Texas.

“We are firm believers in the broader area encompassing Austin and San Antonio, as evidenced by these two investments,” Constellation’s Director of Acquisitions, Alexander Peters said. “Both cities are booming and offer synergies, with San Antonio as a cost-effective alternative for renters and professionals alike.”

About Constellation Group:

Constellation Group is a commercial real estate investment firm based in Miami offering a family office approach to real estate investments. Specializing in multifamily, office and retail, Constellation seeks to execute on yield and return driven investment strategies. The firm operates with the mission to consistently generate safe and superior returns, while offering unparalleled fiduciary standards that provide a strong foundation for long-lasting generational wealth to its investors.

Miami real estate firm closes acquisition of 259-unit The Conley in fast-growing MSA

MIAMI, FL and LEANDER, TX (March 22, 2021) – Commercial real estate firm Constellation Group continued its aggressive push for top-tier multifamily assets in prime U.S. markets with the acquisition of The Conley Apartments near Austin, Texas. The Class A, 259-unit community was constructed in March 2020 in Leander, a city that is experiencing substantial population growth.

Constellation Group closed the purchase on March 17, 2021. The firm obtained acquisition financing from CrossHarbor Capital Partners. Financial terms were not disclosed.

Located at 665 N. Bagdad Road, The Conley’s garden-style apartments range in size from 521-square-foot studios to expansive 1,598-square-foot three-bedroom units. Apartment interiors feature stainless steel appliances, island kitchens with quartz countertops and private patios or yards. Community amenities include a resort-style pool with private cabanas and barbecue grills, a resident lounge with a market pantry and coffee bar, a dog park, 24-hour gym and yoga room.

Portico Property Management will oversee management and leasing at The Conley.

“This is an incredible opportunity to add an attractive new apartment community to our expanding multifamily portfolio,” Constellation Principal Eduardo Otaola said. “The consideration of strong market fundamentals in North Austin and quality of the newly built asset were core reasons for this acquisition.”

John Carr of Cushman & Wakefield marketed The Conley on behalf of the seller. Berkadia, led by Managing Director Scott Wadler and Senior Director Matthew Nihan, arranged the financing.

In May 2020, the U.S. Census Bureau announced that Leander was the fastest-growing large city in the nation between 2018 and 2019. Leander’s population has nearly tripled since 2010. It consistently ranks among the top school districts in Texas.

The Conley is located within two miles from the Leander Commuter Rail Station, offering an easy commute into downtown Austin. The property stands to benefit from two significant area developments: the $800 million mixed-use Northline Leander project and Town Square, which is anchored by food, beverage and entertainment venue The HUB and includes a signature civic space for public use.

“Leander is ideal for employees of Apple, Dell and the many other corporations with a large presence in Austin,” Otaola said. “Following growing submarkets near major employment cities, where renters trade a lower rent for a moderate commute, has proven to be a successful acquisition strategy for Constellation.”

About Constellation Group:

Constellation Group is a commercial real estate investment firm based in Miami offering a family office approach to real estate investments. Specializing in multifamily, office and retail, Constellation seeks to execute on yield and return driven investment strategies. The firm operates with the mission to consistently generate safe and superior returns, while offering unparalleled fiduciary standards that provide a strong foundation for long-lasting generational wealth to our investors.