RFR Holding And Tricap Partnership Acquire 12 Units At W South Beach For $10.78 Million

A partnership between Aby Rosen and Michael Fuchs’ RFR Holding and David Edelstein’s Tricap, who also co-developed W South Beach, have closed on the purchase of 12 units at the iconic beachfront condo-hotel for $10.78 million. The acquisition was financed with a $6.9 million loan from Citibank and Deutsche Bank and brings the partnership’s holdings to 225 units at the condo-hotel and plans to roll the newly acquired units into the hotel program.

The seller was a group of entities tied to Ralph and Joseph Nakash who initially purchased the units in 2014/ 2015 for roughly $9.85 million. The Nakash family are the owners of Jordache Enterprises which owns the Versace Mansion and Setai Miami Beach Hotel.

The deal was in the spotlight in the summer of 2020 after the RFR and Tricap partnership nearly did not close on the units during the COVID-19 pandemic and sued for their deposit back. The dispute was reportedly solved amicably.

The 20-story, 408-key W South Beach was developed in 2009 and just underwent an eight-month, $30 million renovation. W South Beach is located at 2201 Collins Ave.

Bar Invest Group Acquires 358-Unit Pembroke Pines Multifamily For $79.5 Million

Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.

Vision Properties Acquires The Cypress Financial Center In Fort Lauderdale For $44.24 Million

The Tampa-based Vision Properties has acquired the Cypress Financial Center in Fort Lauderdale for $44.24 million. The seller was a joint venture between Steelbridge Capital, Square2 Capital and Apollo Global Management and the sale was overseen by JLL’s Herman Rodriguez, Ike Ojala and Matthew McCormack. BSPRT CMBS Finance LLC provided $27.62 million in mortgage financing.

The Cypress Financial Center was developed in 1988 and is located on 2.8-acres at 5900 N Andrews Ave. The office building offers 201,305 square feet of leasable office space with 785 parking spaces. Cypress Financial Center was under contract to be sold when the COVID-19 pandemic hit in March 2020 for $45.5 million to the Toronto-based Slate Office, who ultimately walked away. The selling joint venture acquired the building in 2014 for $32.55 million.

PPG Development Acquires TRYP by Wyndham Miami Bay Harbor Hotel For $30 Million

PPG Development, led by Ari Pearl, has acquired TRYP by Wyndham Miami Bay Harbor Hotel for $30 million, roughly $312,500 per key. The acquisition was financed by a $26 million short-term mortgage provided by Arbor Realty SR. TRYP by Wyndham Miami Bay Harbor Hotel is located in the Bay Harbor Islands at 9540 W Bay Harbor Drive. The waterfront hotel was completed in 2018 and features 96 rooms spread over seven-stories totaling 111,063 square feet. The hotel also features a rooftop pool, bar, ground-floor restaurant, meeting room and fitness center.

The TRYP by Wyndham Miami Bay Harbor Hotel previously faced $25 million foreclosure lawsuit but the case was ultimately dismissed and the mortgage was satisfied.

A Penthouse Unit At One Thousand Museum By Zaha Hadid Architects Sells For $16 Million

Unit 5001 at One Thousand Museum by Zaha Hadid Architects has sold for $16 million, roughly $1,739 per square foot. The full floor residence spans 9,200 square feet with 5 bedrooms and 6.5 bathrooms. The unit features 12’ ceilings, 360 degree views, a media room and 100’ terrace overlooking Biscayne Bay. The sale was from the remaining developer inventory which was led by Louis Birdman, Gilberto Bomeny, Gregg Covin and Kevin Venger. The buyer was unnamed. The sale was overseen by Harvey Daniels and Anna Sherrill at ONE Sotheby’s International Realty.

One Thousand Museum officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

ONE Sotheby’s International Realty Development Division is the exclusive listing agency for One Thousand Museum.

For more information about One Thousand Museum, private showings or purchasing/ leasing information please fill out the form below:

CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million

The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital. The seller was the New York-based Investcorp International who acquired the property in $70 million in 2016.

The University Park is located at 135 NW 20th St., near Florida Atlantic University, and was developed in 2015. The multifamily building sits on 10.7 acres and features 159 apartment units with 228,097 square feet of total development. Amenities include a resort-style pool, fitness center with boxing area, yoga studio, barbecue area, study rooms, 24/7 market, gaming area with pool table, a cell phone booster tower and free roommate matching.

Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach

The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.

Phillips Point is located at 777 South Flagler Drive, at the foot of the Royal Palm Bridge, and was developed in 1985. The twin-tower Class A office complex has a tenant list that includes top financial firms Goldman Sachs and Morgan Stanley as well as law firms Greenberg Traurig, Gunster and Akerman. The transaction comes at a time when a number of financial firms are moving from high tax northern states to Florida.

Stephen Ross and Related Companies are no stranger to West Palm Beach, having developed Rosemary Square, previously called CityPlace, a mixed-use project with dining, shopping and residential components. Related Companies is also planning to break ground on One Flagler, a 270,000 square foot, 25-story office tower in on Flagler Drive and OkeeChobee Blvd. in West Palm Beach. Stephen Ross also owns the Miami Dolphins.

Magellan Development Group Sells The LEED Certified Midtown Five Multifamily For $154.35 Million

The Chicago-based Magellan Development Group has sold the Midtown Five multifamily asset that they developed in Midtown Miami for $154.35 million, roughly $358,875 per unit. The buyer was an entity tied to the New York-based Sterling Equities, led by the Wilpon and Katz families. The LEED-certified Midtown Five broke ground in 2015 and was completed in 2017. The multifamily building features 400 apartment units on a 1.6-acre site. Units range from studio to three-bedroom floor plans and 540 to 1,500 square feet with pricing starting from $1,953 per month for a studio. In total Midtown Five features 701,056 of total development spread over 24-stories. Amenities include a pool, spa, fitness center, yoga lawn, meditation garden, dog run, business center, and game room. Magellan Development Group acquired the site in 2014 for $14 million.

Zach Vella Buys Waterfront Development Lots On Venetian Islands For Record $15 Million

Celebrity developer Zach Vella has acquired two adjacent waterfront development lots on Miami’s Venetian Islands for his private residence in Miami. Vella paid $15.2 million for 228 and 302 West Dilido Drive, a dirt value of $688 per square foot, which surpasses the Venetian Islands’ record land sale which was previously $6.5 million for 412 West Dilido Drive set in 2016. Jim Agard of Vendôme Capital represented the seller and Natalia Gryczynska of Brown Harris Stevens represented the buyer.

The seller was Lionel Masson, the founder of Pharmacies Lafayette in France, who had planned two spec homes on the site. Masson initially acquired the properties in 2018 for $11.5 million and demolished two homes on the site. Vella is the founder and CEO of the Los Angeles and New York City-based real estate development firm Vella Group, and is also a managing board member of Miami’s Magic City Innovation District.

Worth Avenue Tiffany & Co. Building Sells For $26.4 Million

A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm. The selling price breaks down to $1,612 PSF. The selling joint venture acquired the property for $20 million in 2018 and is made up of the New York-based Fortress Investment Group, Kean Development Co. and Hyde Retail Partners.

The joint venture gained approvals to build a 5-bedroom, 13,000 +/- square foot penthouse atop the property which would a private rooftop with infinity edge swimming pool, dining area and fire pit, as well as easy access to fine dining, world class fashion and art, and is a short stroll away from the beach. Kean Development Company was leading the renovation and Douglas Elliman listed the pre-construction penthouse for $17.5 million.

259 Worth Avenue was first developed in 1950. The retail building spans 16,374 square feet and is located on a .22-acre site on Worth Avenue, an upscale shopping and dining destrict spanning four blocks in Palm Beach.