Arbor Residences Hits 80% Sold at Coconut Grove Delivery

Arbor Residences, the 45-unit boutique condominium in Coconut Grove, received its certificate of occupancy at 80% sold, giving the market one of the few verified absorption numbers available at delivery rather than at groundbreaking. The City of Miami’s own permit record confirms the certificate posted Aug. 19, 2026, for the project’s master building permit at 3034 Oak Ave.

Why it matters

Most “sold out” and “presold” claims in Coconut Grove come from developers mid-construction, when the number is still an estimate against a closing calendar. Arbor’s 80% is different: it is measured at the moment the building is legally occupiable, when buyers can no longer back out on a completion contingency. For developers pricing new Grove product, an 80%-sold delivery means four of five units cleared before anyone could move in, and pricing power held through construction. The remaining 20%, nine units, is the number to watch. If Ark Capital clears it near the current $1.8 million starting price rather than discounting into a soft finish, that is the strongest read yet that low-rise, boutique Grove condos are still underbuilt against demand.

The numbers

Arbor is a 45-residence project designed by Behar & Font at 3034 Oak Ave, developed by Isaac Kodsi’s Ark Capital Group and carried to completion by his daughter Camilla Kodsi after his 2025 death. Remaining units start at $1.8 million. The City of Miami’s Building Permits Since 2014 dataset shows the master permit, No. BD17016702001B001, carries a total construction cost of $18,362,750, with a certificate of occupancy posted Aug. 19, 2026, the day before this sale figure was reported. The project reached temporary certificate of occupancy in March 2026 at just over 70% sold, so it added roughly four to five units of absorption while awaiting its final CO.

What’s next

Sales and marketing, run by Cervera Real Estate’s Sandra Masis, now shifts to closing the last nine units as owners begin move-ins. For anyone underwriting a Miami boutique condo site, Arbor’s run from a foreclosure-era freeze to an 80%-sold delivery is the cleanest read the Grove has offered on how much pricing power a well-located, low-density project still commands at the finish line.