Tour Marrying Millions Star Bill Hutchinson's Pink Miami Coconut Grove Castle Which Just Sold For $10 Million

“Marrying Millions” star Bill Hutchinson has sold his pink Miami waterfront castle in Miami’s hot Coconut Grove neighborhood for $10 million. The home was initially listed for $8.2 million before agents Chad Carroll and Matthew Dugow raised the price to $10.95 million. Bill Hutchinson was represented by Chad Carroll and Matthew Dugow with The Carroll Group at Compass and the buyers were represented by Meredith Zeder with The Jills Zeder Group at Coldwell Banker Realty. Hutchinson had acquired the property for $5.6 million in 2016.

The Castle-like mansion was built in 2009 and offers 6 bedrooms and 7 bathrooms spread over 12,000 SF of living space. The custom built home features Gothic architecture and contemporary finishes with a great hall, 30 foot vaulted ceilings, stone fireplaces, antique stained glass windows, French cast bronze chandeliers, Jerusalem stone floors, Cast stone window tracery, a gourmet chef's kitchen with La Cornue stove, elevator, and a rooftop sun deck. Outdoors the home features 65-feet of water frontage, a keystone-edged infinity pool, elevator, rooftop sundeck, and cement dock.

Hutchinson was the founder of real estate investment firm Dunhill Partners and appeared on both seasons of “Marrying Millions” on Lifetime. He was arrested this summer for alleged sexual assault and rape of two teenagers in Orange County, CA in which he pled not guilty and was recently sued in Texas for sexual assault. The cases are on-going.

Coconut Grove has seen intense demand among real estate buyers recently for homes and ultra-luxury real estate as new restaurants, retail and lifestyle attractions open and are announced regularly. 3503 Main Lodge Drive in Camp Biscayne just sold for $19 million the same week Related Group's Jorge Pérez sold his waterfront Coconut Grove estate for $33 million to a cannabis executive. The Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million. Jorge Mas sold his waterfront home known as Casa Bahia at 3085 Munroe Drive for $45.91 million and in June 2021 private equity investor Nathan Leight of Terrapin Partners sold 3500 and 3535 Curtis Lane for $48 million.

Images via The Chad Carroll Group

Nuveen Acquires LaVida Lakefront Class-A Multifamily In Miami's Blue Lagoon For $98 Million

The Chicago-based global real estate investment management company Nuveen Real Estate has acquired LaVida for $98 million. LaVida is the first Class-A lakefront multifamily apartments within the prominent Blue Lagoon corporate park. The project was developed by Pinnacle and Ascend Properties, who were also the sellers. The sale of the 272-unit apartment breaks down to $360,294 per unit.

The Cushman & Wakefield team of Robert Given, Troy Ballard, Zachary Sackley, and Mike Mulkern led the marketing efforts and brokered the transaction.

Designed by Behar Font & Partners, LaVida, which opened in 2019, consists of two eight story residential buildings containing 272 units of one, two and three-bedroom homes ranging from 728 to 1,295 SF, each with an outdoor terrace, with top floors offering magnificent south-facing views of Downtown Coral Gables. The elegant apartment residences boast a warm, natural palette with custom details including porcelain flooring throughout, dramatic designer-inspired kitchens and bathrooms, quartz counter tops, energy star-rated appliances, and full-size stackable washer and dryer. Floor-to ceiling exterior doors provide incomparable sunrise, lake and downtown city views with balcony apartments overlooking the lake.

“With the increasing demand for luxury rentals in South Florida and many returning to work in the nearby Blue Lagoon offices, we determined this was the right time to sell,” said Richard Finkelstein and Michael Wohl, partners, Ascend Properties. “LaVida’s central location caters to working professionals and business travelers as well as those looking to live the luxurious Miami lifestyle without having to sacrifice easy access to everything Miami has to offer.”

Located at 6600 NW 7th Street, adjacent to the intersection of the Dolphin and Palmetto Expressways, LaVida offers a live/work option for the 12,000+ working professionals and corporate executives in Blue Lagoon and convenient access to Downtown Miami, Miami International Airport and Doral’s growing business center. LaVida features expansive city and lake views, luxurious design curated by Venus Williams’s V Starr Interiors and a two-story resort-style clubhouse and pool.

“With first-class units, high-quality amenities and a central Miami lakefront location, LaVida continues to transform the way professionals view the Blue Lagoon community,” said David O. Deutch, co-founder, Pinnacle. “The success of LaVida represents the strength of this unique luxury lakefront product in a corporate center in the growing South Florida market.”

Unparalleled community amenities include two covered garages; dog park; two-story lakefront clubhouse with grilling stations; oversized hourglass-shaped pool and jacuzzi with a resort-style sun deck and southern exposure making it the ideal pool experience with poolside cabanas and day beds; state-of-the-art fitness facility with yoga studio and group class space; gourmet coffee bar; media room; Wi-Fi in all common areas, and more.

“LaVida is a Class-A apartment deal, fully occupied, in a high barrier to entry market with access to major employment centers such as Waterford Business District, West Doral and Miami International Airport,” said Carlos Burneo, Senior Director and Florida Housing Sector Lead at Nuveen Real Estate. “South Florida’s continuous employment and population growth is a clear match to Nuveen Real Estate’s investment strategy. We are excited to continue expanding our investments in the Waterford – Blue Lagoon market.”

“The outstanding execution quality and strong operating performance of LaVida led to significant investor demand,” noted Robert Given. “We continue to see robust activity in the market throughout South Florida.”

Tour A Lavish Waterfront Coconut Grove Estate In The Exclusive Camp Biscayne That Just Sold For $19 Million

A lavish waterfront estate in Coconut Grove has sold for $19 million, just 33 days after hitting the market. 3503 Main Lodge Drive is one of only 18 homes in the prestigious, private guard gated community of Camp Biscayne. The rare property is situated on a 44,334 SF lot overlooking the sparkling waters of Biscayne Bay. The home was listed with Toni Schrager of Brown Harris Stevens Miami and Judith Werner and Arielle Werner of Bold Miami represented the buyer.

The home itself is a 14,000 SF estate inspired by the historic grand coastal villas of Spain. It currently consists of 6 bedrooms, 6 bathrooms and 2 half bathrooms but the list agent Schrager predicts it will likely be extensively renovated or torn down to make way for a new build. Among the property’s many luxe highlights are a private white sand beach that spans 100’ as well as dock and seawall providing 200’ of protected dockage.

Coconut Grove has been a hot neighborhood for ultra-luxury real estate deals. The sale of 3503 Main Lodge Drive is the latest example demonstrating intense demand among buyers for homes in Coconut Grove as new restaurants, retail and lifestyle attractions open and are announced regularly. Related Group's Jorge Pérez recently sold his waterfront Coconut Grove estate for $33 million to a cannabis executive. The Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million. Jorge Mas sold his waterfront home known as Casa Bahia at 3085 Munroe Drive for $45.91 million and in June 2021 private equity investor Nathan Leight of Terrapin Partners sold 3500 and 3535 Curtis Lane for $48 million.

Victory Investments Group Acquires Hotel Astor In Miami Beach For $12.75 Million

Victory Investments Group has acquired the art deco Hotel Astor on Miami Beach for $12.75 million, $304,000 per key, in an off market deal. The Susan Gale Group with ONE Sotheby’s International Realty, which specializes in hospitality transactions, represented both sides of the transaction. Hotel Astor is located at 956 Washington Avenue in the heart of South Beach and was not in operation at the time of sale. The property features a swimming pool and 4,000+ square-foot restaurant space. Victory Investment Group plans to breathe new life into the shuttered 42-room, three story hotel which was built in 1936 and designed by T. Hunter Henderson. According to Gale, the property will undergo extensive renovation, bringing the price per key to $500,000. Over the years Hotel Astor has been at the center of an alleged EB-5 fraud and two bankruptcy filings.

Images via The Susan Gale Group, ONE Sotheby’s International Realty

Check Out This Waterfront Spec Mansion On The Blazing Hot Palm Island Which Just Sold For $29.5 Million

A waterfront spec home on Miami Beach’s prestigious Palm Island has sold for $29.5 million as real estate on the island continues to push higher. Located at 135 Palm Ave, the new construction home was developed by Sabal Development and was listed with Jeff Miller of ONE Sotheby’s International Realty and Mathieu Rochette of Compass, who represented the seller. The buyer was represented by Liz Hogan with Compass.

The agents involved in the deal have completed several high-profile transactions on the island in the past few years. Miller sold 73 Palm in 2019 for $24.5 million while Hogan has sold 3 homes on the island over $25 million this month, including 94 Palm for a record $30 million and 370 S Hibiscus for $26.5 million.

The new construction modern 8 bedroom, 8.5 bathroom home features vast open living spaces tastefully furnished by world renowned brand Roche Bobois and seamlessly integrating indoor/outdoor living and entertaining. A spacious 1st floor features an open chef and prep kitchens, formal and informal dining rooms, movie theatre and guest suite. Upstairs offers a custom glass staircase or elevator and Master Suite with sweeping water views and an open flow with dual vanities and showers, floating tub, custom walk-in closets and midnight bar. The secluded backyard features an infinity-edge marble pool and jacuzzi, summer kitchen and cabana with sauna overlooking 100’ of water frontage. The property also features a guest House, 6 car garage, SAVANT smart- home, and rooftop lounge.

Miami’s ultra-luxury waterfront real estate market has been on fire lately. On Palm Island boxing legend Floyd Mayweather recently purchased a waterfront mansion for $18 million. Dreampact Ventures co-founder Fued Sadala purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood; famed musician and producer partners Emilio and Gloria Estefan sold their Star Island “guest estate”for $35 million; real estate investor Andrew Mirmelli recently closed on a Hibiscus Island home for $21 million before immediately listing it for $30 million; spec home developer James Curnin sold his Modern Farmhouse on Allison Island for $13,875,000; and the Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million.

Images via Jeff Miller, ONE Sotheby’s International Realty

Greenstone Property Group Acquires Miami Multifamily Portfolio From Ytech For $119 Million

The Miami-based Ytech has sold a multfamily portfolio in Miami totaling 677 apartment units for $119 million to the New York-based Greenstone Property Group. The dual transaction included the $41 million sale of Ocean House NoBe, a 186-unit multifamily property in the North Beach area of Miami Beach that Ytech purchased for $27.1 million in 2015, and the $78 million sale of Lake House, a 491-unit multifamily property in Miami Gardens that Ytech bought for $14.3 million in 2012.

“Developments like Ocean House and Lake House are critical for unlocking the widespread social opportunities embedded in any emerging neighborhood enabled through smart municipal policies and urbanization, binding the need for economic prosperity, environmental stewardship, and social mobility,” said Yamal Yidios, CEO of Ytech. “This sale marks the start of a new phase of growth for Ytech as we evolve from over a decade of industry expertise in the multifamily space to being a well-capitalized developer of luxury condominiums in the Brickell neighborhood.”

Ytech carried out its vision for Ocean House in the form of public space improvements, better infrastructure, and the modern renovation of apartment units. It purchased properties on Tatum Waterway Drive, which included 1,000 linear feet of waterfront land, from both public and private companies, as well as multiple owners of co-owned condominiums. The series of 13 complex transactions involved additional complicating factors, such as termination of condominiums and swap agreements, among others.

Ytech redeveloped Ocean House NoBe over four years, assembling and renovating 23 contiguous low-rise apartment and condo properties along 7745-7790 Tatum Waterway in Miami Beach. The site is occupied by approximately 1,000 residents. Ytech’s efforts transformed the neighborhood while preserving original structures and maintaining the scale and character of the district. The property, which covers three city blocks, is within walking distance to the beach, famous Collins Avenue, and an array of fine retail and dining destinations.

The Fasano Coming To South Beach After JHSF Acquires The Art Deco COMO Metropolitan Miami Beach Hotel

The Brazil-based real estate development firm JHSF, led by Fábio Auriemo, has acquired the COMO Metropolitan Miami Beach hotel at 2445 Collins Ave. for $70 million, roughly $946,000 per key. The off-market transaction was overseen by Susan Gale of ONE Sotheby’s International Realty, who represented both the buyer and seller. The acquisition is JHSF’s first in South Florida and they plan to renovate the property and rebrand it into a Fasano.

The property features 74-keys and was first developed in 1939. It was previously known as the Traymore Hotel. It features a beach club, a ground-floor swimming pool with pool garden, a rooftop swimming pool, gym and a restaurant which is currently Traymore by Michael Schwartz.

Imagery via Susan Gale, ONE Sotheby’s International Realty

Related Group Sells New River Yacht Club Multifamily Complex In Fort Lauderdale For $85 Million

The Miami-based Related Group has sold the New River Yacht Club multifamily apartment complex in Fort Lauderdale for $85 million, roughly $341,000 per unit. The buyer is the Harbor City, California-based BJ Verde Properties. The property was developed in 2014 by Related Group and spans 435,442 SF. Located at 400 SW 1st Ave., New River Yacht Club offers 249 apartment units which feature in-unit washer/dryer and balconies. Residences range from studio to three-bedroom floor plans. Amenities include a pool deck with summer kitchen, a communal dining area with a fireplace, 24-hour state-of-the-art fitness center, spa treatment room and sauna, business center and game room with billiards.

Related Group is currently developing New River Yacht Club III which will offer 230-units and is also planning to develop New River Yacht Club II which will offer 349-units. Related Group also developed the 272-unit luxury apartment tower Icon Las Olas in Fort Lauderdale.

Miami-Based Private Equity Group Galium Capital Continues To Expand Houston Portfolio with Acquisition of Millennium High Street

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Millennium High Street in Houston, TX. Millennium High Street is a LEED Gold-certified, 340-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on August 20, 2021.

Galium Capital had been one of the most active buyers in the Houston market. In the past 12 months Galium Capital has acquired over 1,100 units and 65K of retail square footage in prime locations throughout the Galleria submarket.

“Millennium High Street is a trophy asset located in one of the best entertainment districts of Houston, we are excited to expand our presence in the Houston market with a truly irreplaceable asset,” said Jacques Bessoudo, Managing Partner of Galium Capital.

Millennium High Street is a luxury apartment community which was developed in 2014 and is located at 4410 Westheimer Rd., Houston, TX 77027. The property features 340 apartment units as well as 26,000 square feet of prime retail and features state-of-the-art amenities on 6.25 acres of land. The building is LEED Gold-certified as an energy efficient building. Residences feature gas ranges and chef’s kitchens, 12’ to 14’ high ceilings, and superior finishes. Residents will have access to amenities such as a resort style pool, fitness center, a modern clubhouse and a rooftop lounge with panoramic city views.

Galium Capital plans to add value by renovating the common areas and residences as well as by improving the operation and management of the property. Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

“We have had our eyes on the Houston multifamily markets for some time and are proud to be acquiring yet another top-quality property within the city core. Millennium High Street allows us the opportunity to expand our presence in the market and continue our strategy of wealth-preservation & value creation with one of kind real estate assets” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

JLL represented seller and also secured debt from PCCP. The seller was Dinerstein Companies who developed the building in 2014. Adam Weiss from Solomon Cooperman and Recondo LLP was buyers counsel.

Galium Capital, owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. Millennium High Street is Galium Capital’s third acquisition in the Galleria-district of Houston, TX after the group closed on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.

Galium Capital is a Miami-based private equity group that invests in and manages over $600 million of commercial property in major markets across the United States. Galium Capital’s portfolio comprises of multifamily, office, and retail assets across various major national markets. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

This article was produced in partnership with Galium Capital

Boxing Legend Floyd Mayweather Buys Palm Island Waterfront Mansion For $18 Million

Boxing legend Floyd Mayweather has dropped $18 million on a waterfront mansion on Miami Beach’s prestigious Palm Island. Mayweather closed on 288 South Coconut Lane on Palm Island nearly one year after he sold his home on Miami Beach’s Pine Tree Drive in October 2020 for $6.3 million. 288 South Coconut Lane was listed for $19.9 million with Dina Goldentayer of Douglas Elliman and Tanasha Pettigrew of Galleria International Realty represented Mayweather.

288 South Coconut Lane was developed in 2011 and offers 9-bedrooms, 10.5 bathrooms spread over 10,853 SF. The home was designed by Ramon Pacheco of Pacheco Architecture and features a gym, chef’s kitchen, dining room, master-suite with views of Biscayne Bay and parking for up to 10-cars. The lavish home also features a landscaped roof deck, private dock, pool and unobstructed views of Downtown Miami’s skyline and Port Miami.

Miami’s ultra-luxury waterfront real estate market has been on fire lately. Recently Dreampact Ventures co-founder Fued Sadala purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood; famed musician and producer partners Emilio and Gloria Estefan sold their Star Island “guest estate”for $35 million; real estate investor Andrew Mirmelli recently closed on a Hibiscus Island home for $21 million before immediately listing it for $30 million; spec home developer James Curnin sold his Modern Farmhouse on Allison Island for $13,875,000; and the Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million.

Images via Douglas Elliman