The SunTrust parking garage in downtown Miami has a new owner. Sageblan Investments, a private real estate investment and management company based in Montreal, Canada, acquired the property which is entitled to up to 800 residential units, 120 hotel keys and 7,205 square feet of retail space.

It’s the company’s first acquisition in the South Florida market, and Sageblan president Gaurav Gupta said he looks forward to capitalizing on what will be continued growth in the next few years.