arts
AvalonBay buys city block in South Miami as investors get in position for multifamily bounceback
By Grace McClung at The Real Deal
· July 7, 2026
· 1 min read
Investors are continuing to bet big on South Florida’s multifamily market, with three recent acquisitions across South Miami and Fort Lauderdale led by a record-setting development site purchase. AvalonBay Communities paid $22 million for a full city block development site, at 5920 Sunset Drive to 5
Key takeaway AvalonBay Communities paid $22 million for a full city block development site, at 5920 Sunset Drive to 5946 South Dixie Highway, where it plans 251 apartments.
Why this matters in The Miami
The recent purchase of a city block in South Miami by AvalonBay Communities for $22 million signals a significant investment in the area's multifamily market. With plans to build 251 apartments, this development will likely have a notable impact on the local community. Given the high per-unit pricing of $90,000, it is clear that investors are confident in the area's potential for growth. As South Miami continues to evolve, this new development will contribute to the changing landscape of the neighborhood, potentially attracting new residents and businesses. The fact that this deal was made off-market suggests that there is strong interest in the area, and it will be worth watching how this project unfolds and how it affects the surrounding community, including nearby neighborhoods like Little Havana and Coral Gables. This investment may also put pressure on local infrastructure, including schools and public services, to accommodate the anticipated influx of new residents.
About this story
Original reporting by The Real Deal . The Miami surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
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Category: arts ·
Published: July 7, 2026 ·
Source: The Real Deal ·
Reading time: 1 min
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Frequently asked about this story
What is this story about? Investors are continuing to bet big on South Florida’s multifamily market, with three recent acquisitions across South Miami and Fort Lauderdale led by a record-setting development site purchase. AvalonBay Communities paid $22 million for a full city block development site, at 5920 Sunset Drive to 5
When was this published? This article was first published on July 7, 2026 by The Real Deal and curated for The Miami readers.
Who reported this story? This story was reported by Grace McClung at The Real Deal. To learn more about how The Miami selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more arts coverage from The Miami, or browse our daily briefing and topic hubs .
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