El-Ad National Properties Acquires Coconut Grove Property for $45.5 Million

Award-winning developer El-Ad National Properties, an Elad Group company with South Florida-based offices, has acquired the property located at 3265 Virginia St., Miami, Fla., for $45.5 million.

The acquisition closed on May 14, 2026, and represents El-Ad National Properties’ entrance into Coconut Grove as the firm continues to expand its presence throughout South Florida and evaluate strategic opportunities across Miami-Dade County.

Located in the heart of Coconut Grove, the property currently consists of a two-story residential building with 25 residential units and approximately 20,490 square feet. The site is currently occupied and operated as a residential rental property. The acquisition is intended as a future redevelopment opportunity, although plans for the site have not been finalized at this time.

Situated within one of Miami’s most desirable and established neighborhoods, the property offers close proximity to Brickell, Miami International Airport, major thoroughfares, shopping, dining and entertainment. Coconut Grove continues to experience significant investment and redevelopment activity, further positioning the neighborhood as one of South Florida’s premier residential and mixed-use destinations.

“Coconut Grove continues to stand out as one of Miami’s most established and sought-after neighborhoods, making it a natural fit for El-Ad National Properties as we continue expanding throughout South Florida,” said Matthew Jeffries, CEO of El-Ad National Properties. “We remain focused on identifying distinctive opportunities in premier locations that align with our long-term vision and development strategy across the region.”

The transaction was completed between purchaser El-Ad 3265 Virginia LLC and seller WNG Miami LLC. Omar Morales of Berkadia represented the seller in the transaction.

The acquisition further expands El-Ad National Properties’ growing South Florida portfolio, which in Palm Beach County includes ALINA Residences Boca Raton, where the developer recently reported more than $60 million in seasonal sales activity and the sellout of ALINA 210, with limited inventory remaining at ALINA 220.

In Broward County, El-Ad National Properties is developing The Plaza at Davie District, formerly known as The District at Davie.  Situated in a premier location on the southwest corner of Griffin Road and State Road 7, the site is a few minutes north of the Seminole Hard Rock Hotel and Casino, one of the biggest hospitality and entertainment centers in South Florida. Construction is underway on this transformative $1 billion mixed-use development of approximately 1,256 Class A rentals which is well-positioned at the Gateway to Davie and convenient to both Fort Lauderdale and Miami’s urban cores.

In Miami-Dade County, the firm owns and is actively advancing waterfront residential development opportunities in North Bay Village, a city that is part of the Miami metropolitan area, including planned luxury condominium projects on both West Drive and East Drive. The firm continues to pursue architecturally significant residential and mixed-use opportunities in highly desirable markets throughout the region.