A 2.7-acre stretch of land in Princeton, Florida is about to yield 162 more apartments, the final piece of a three-phase residential push that developer Aconcagua Group has been building since buying the site in 2024. The eight-story building, slated for 12867 S.W. 248th Street in Homestead, will offer one- and two-bedroom units alongside a dog park, spa, fitness center, swimming pool, on-site mini market, and Amazon lockers once finished.
Aconcagua Group, based in Coral Gables, paid $3.6 million for the parcel in 2024 and began construction shortly after purchasing the site, according to Florida YIMBY. The project now has its financing locked in: commercial real estate firm Berkadia announced this week that it arranged a $35 million non-recourse construction loan for the developer, with lender S3 Capital providing the money as a two-year, floating-rate loan.
The 162 residences break down into 69 one-bedroom and 93 two-bedroom layouts, each with floor-to-ceiling windows, quartz countertops, and private balconies, per Berkadia. The building will also include 307 parking spaces on site, well above the 209 spaces Miami-Dade County requires. Floridian Development previously reported that the eight-story complex was designed by Coral Gables-based Caymares Martin Fine Architecture & Design, using a split-lot plan that places a two-story parking garage on lower-density zoned land while the residential tower sits on higher-density zoned land.
How Zoning Rules Made an Eight-Story Tower Possible
That design choice traces back to Miami-Dade's Princeton Community Urban Center District, a form-based zoning overlay county commissioners adopted in 2006 to encourage walkable, higher-density housing along the South Dade Transitway while keeping growth inside the Urban Development Boundary. By splitting the lot between differently zoned parcels, Aconcagua secured by-right approval for eight stories, according to Floridian Development's account of the plan.
The developer is led by co-principals Martin Muniz and Horacio Bossi, with Coral Gables-based DiFalco Group, headed by CEO Christophe DiFalco, serving as a primary equity investor, as reported by The Real Deal. Aconcagua's corporate portfolio materials describe Casa Princeton as a master-planned community spanning three contiguous sites: Phase I with 62 units at 12830 S.W. 246th Terrace, Phase II at 12831 S.W. 246th Terrace, and Phase III at 12867 S.W. 248th Street. Once Phase III wraps, the overall Casa Princeton community is expected to host 374 total units.
Completed Phases Show What Renters Are Paying
Phase I wrapped in 2024 and Phase II followed in 2025, giving a preview of what Phase III renters might expect to pay. Market listings cited by MiamiNegociosenventa in early 2025 showed active rental rates in the earlier phases ranging from $1,850 to $3,640 per month — full market rate, even though Aconcagua's own corporate materials describe the broader portfolio as “workforce housing” aimed at middle-income essential workers and dual-income households in South Florida.
Aconcagua's ambitions extend well beyond this one site. The company has also submitted plans for Casa Naranja, a separate seven-story, 239-unit project with 4,500 square feet of retail on a 3-acre site in nearby Naranja, the same outlet reported in May 2025. That expansion fits a wider pattern: an April 2025 Real Deal report pointed to a broader multi-family building surge across South Miami-Dade submarkets — including Princeton, Naranja, Goulds, and Leisure City — fueled by cheaper land than Miami's urban core and easy access to US-1 and Florida's Turnpike.
Aconcagua intends to complete Casa Princeton Phase III by 2027 or 2028, according to Florida YIMBY. The developer's corporate profile materials say its broader portfolio now includes more than 3,000 units built globally, representing roughly $900 million in project value, as the company continues targeting South Florida's stretched middle-income rental market.
