Cardone Capital Acquires The Harbour Centre at Aventura Office Complex For $93 Million

Cardone Capital, led by 10X founder Grant Cardone, has acquired the Harbour Centre at Aventura office complex for $93 million. The property will be renamed The 10X Center. Harbour Centre at Aventura spans 217,056 SF and was 90% leased at the time of sale with tenants including UBS and IberiaBank. The transaction was financed with a $65 million loan provided by City National Bank of Florida. The seller was the Texas-based C-III Capital Partners, who acquired the property in 2014 for $61 million. The office complex was developed in 2003 and is located at 18851 NE 29th Ave. in Aventura, next door to Cardone’s 10X Headquarters. Cardone plans to combine the two buildings into an urban campus with a residential component.

Grant Cardone is an internationally-renowned motivational speaker and real estate investor. Cardone is the author of the “10X Rule” and founder of the 10X Movement. Cardone Capital has raised over $500 million through crowdfunding and recently acquired Camino Real Apartments in Boca Raton for $69 million and Port Royale Apartments in Fort Lauderdale for $130 million. Cardone also recently purchased Tommy Hilfiger’s Golden Beach oceanfront estate for roughly $28 million.

Miami-Based Private Equity Group Galium Capital Expands Houston Portfolio with Acquisition of 431-Unit Tate at Tanglewood

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Tate at Tanglewood in Houston, TX. The Tate at Tanglewood is a 431-unit institutional-grade multifamily apartment building in Galleria District of Houston. The transaction closed on May 27, 2021.

“We are excited to expand our multifamily portfolio in Houston with the acquisition of Tate at Tanglewood. The asset is of great quality and has tremendous potential for improvement, so we look forward to continuing to build its long-term performance with our management partner, Greystar” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Tate at Tanglewood is a luxury apartment community which was developed in 2016 and is located at 5880 Inwood Dr, Houston, TX 77057. The property features 431 units and offers top-tier amenities on 5.3 acres of land. Tate at Tanglewood was 85% occupied at acquisition with an average rent of $1.65 PSF.

Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at Tate at Tanglewood range from one to three-bedroom floor plans and 647 SF to 1,462 SF. Residences feature wood plank flooring, granite slab countertops, stainless whirlpool gold series appliances and full-size washer and dryers. Select homes feature two-story loft layouts, barn-style sliding doors, rustic brick arches, 11 ft. concrete ceilings, vertical showers and private yards.

Residents will have access to world class amenities such as a 24-hour clubhouse, state of the art fitness facility including a yoga/spin room with personalized training programs, resort style pool, golf simulator and a private dog park with pet salon station.

“Tate at Tanglewood is an institutional grade community located within one of the best residential areas in Houston with strong upside opportunity. During our ownership we plan to achieve a significant increase in the building’s occupancy and overall performance and expect to see outsized returns as the Galleria submarket continues to grow exponentially” said Jonathan Slomianski, Director of Acquisitions of Galium Capital.

David Mitchell and Tip Strickland of Newmark represented the seller and secured the debt for the buyer.

Galium Capital, owns and manages a portfolio in excess of $515 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Tate at Tanglewood is Galium Capital’s second acquisition in the Galleria-district of Houston, TX after the group closed on the 361-unit institutional grade multifamily property, Fairmont on San Felipe, in September 2020.

Villa Valencia Breaks Record For Most Expensive Condo Sale In Coral Gables

Villa Valencia just completed the most expensive condo sale of all-time in Coral Gables with Lower Penthouse South for $6.5 million. To date, the building has sold 50% percent of its inventory and earlier this year celebrated ‘topping off’ at 13 stories.

“Our goal is to deliver a landmark project to the area and this monumental sale makes it even more rewarding,” said Rishi Kapoor, CEO of Location Ventures, the developer behind the condominium. “It showcases how high-quality, wellness real estate is taking over.”

The sky estate encompasses half of the 12th floor, boasting 4,211 square feet of indoor space and an expansive 2,179-square-foot terrace with breathtaking views of the city, golf course and bay water horizon. Accessed directly via a personal elevator, the five-bedroom, five-and-a-half-bathroom residence includes custom millwork, a spacious media and entertainment room, grand master bedrooms and a large outdoor kitchen and wet bar complete with a private pool. Designed on the pillars of nature, technology and wellness, the home is integrated with Delos’ DARWIN™, a pioneering home intelligence system that delivers clean, fresh air, energizing light and pollutant-reduced water, creating an environment that brings the best of the outdoors, inside.

Each residence interior at Villa Valencia will showcase a private foyer and elevator entry, complete with superior finishes, including European flooring, 10-foot exterior sliding doors, and finished custom closets. Kitchens are equipped with state-of-the-art Subzero and Wolf appliances, a wine cooler, custom cabinetry and quartz countertops. On the outside, the façade features a modern take of Coral Gables’ signature Mediterranean architecture style, designed by Hamed Rodriguez Architects.

In the boutique building, residents can enjoy an amenity portfolio that leaves no stone unturned. The wellness program includes a hammam, steam room, his-and-her saunas, hydrotherapy plunge pools, alongside a state-of-the-art fitness facility with areas for yoga, Pilates and weight training. For outdoor enjoyment, a 78-foot resort-style pool with a lap lane and waterfall is complemented by two summer kitchens and spacious sunbeds for relaxation. A dinner party can be hosted in the Cucina, while a game night can take place in the lively entertainment room, followed by movies in the theater. An executive room with video conferencing allows professionals to work from home with ease. It overlooks the adjacent park, whose grassy field features a large sculpture and water features. Nearby a dog run is perfect for pet lovers.

For residents looking for additional private space, poolside cabanas and private garages are also available for purchase.

Located in the heart of the City Beautiful, the building has direct access to Miami International Airport and is blocks from Miracle Mile. The Greater Miami Area is a rapidly expanding economic hub, and Coral Gables alone is home to 20 consulates and 140 multinational corporations. It is an ideal community with “Class A” office space, top private and public schools and universities, country clubs, golf courses and world-class culture – all within steps to Villa Valencia.

Villa Valencia residences start from $2 million; limited residences remain.

For more information, visit www.villavalencia.com or call (786) 971–6680.

Images via Villa Valencia. This article was sponsored courtesy of Location Ventures.

A Penthouse At ARTE by Antonio Citterio Sells For Record $22.5 Million In Cryptocurrency

ARTE by Antonio Citterio, the exclusive boutique condominium which recently opened in Miami’s Surfside neighborhood, has sold its lower penthouse for $22.5 million in cryptocurrency. The deal makes the first cryptocurrency real estate transaction for a new development in Miami. ARTE by Antonio Citterio was developed by Alex Sapir’s Sapir Organization and Giovanni Fasciano. The development became the first new residential development in Miami to accept cryptocurrency as a form of payment earlier this month. The deal was overseen by Tara West of Douglas Elliman, who represented the developer, and Ryan Farbstein and Max Farbstein of The Farbstein Team at Douglas Elliman, who represented the buyer.

The transaction for the 5,067 SF PHB has broken several records including the most expensive price per square foot ever sold in Surfside at $4,440.50 PSF, and the second highest penthouse sale in Miami Beach since 2017. The deal also is the highest price pre square foot sale for a condo in 2021.

For cryptocurrency transactions ARTE has a partnership with blockchain and securities trading platform SolidBlock, which provides custom solutions for buying and selling digital assets. SolidBlock ensures that buyers paying in cryptocurrencies such as Bitcoin and Ethereum enjoy an easy and straight-forward purchasing experience.

Nestled in Surfside, the seaside enclave between Bal Harbour and Miami Beach, ARTE is a boutique, oceanfront development at the center of the city’s most vibrant cultural, culinary and shopping destinations. Featuring a stunning design by Italian master architect Antonio Citterio, the building offers impeccable interiors and finishes, as well as ten-star amenities and service. The development was built to cater to an exclusive selection of buyers who have not found quality design, exclusive privacy or outstanding service anywhere else in Miami.

ARTE residents enjoy a robust suite of amenities not found in other Miami luxury condominiums. They include a 75-foot indoor swimming pool, an outdoor swimming pool and beachfront meditation pond, a rooftop tennis court, state-of-the-art fitness center and yoga studio and sauna and steam room. Additional facilities include a children’s playroom with space for remote learning, residents’ lounge, catering kitchen for out-of-home entertaining, and private temperature-controlled parking spaces.

Prices at ARTE by Antonio Citterio start at $10.3 million, or the equivalent cryptocurrency rate, and the spacious three- to five-bedroom plus residences range in size from approximately 3,150 to 7,550 square feet. Sales are exclusively handled by Douglas Elliman Development Marketing.

For more information about ARTE by Antonio Citterio, private showings or purchasing/ leasing information please fill out the form below:

LeFrak Acquires Marina Del Rey Apartment Complex In Miami Beach From The Finvarb Group For $24.5 Million

Billionaire New York real estate investor Richard LeFrak’s LeFrak organization has acquired the Marina Del Rey apartment complex in Miami Beach from The Finvarb Group for $24.5 million, $226.852 per unit. The waterfront multifamily property is located at 1006-1022 Bay Drive in Miami Beach. The deal was overseen by Garrett Pordes and Calum Weaver of Cushman & Wakefield who represented the seller.

The Finvarb Group originally acquired Marina Del Rey in 1997 for $2.1 million. The 108-unit complex spans 84,500 square feet on a 1.4 acre site. The two existing buildings were developed in 1957 and 1961 and rise two and four stories.

The LeFrak organization has become increasingly active in South Florida. The firm is co-developing SoLé Mia in North Miami with Turnberry Associates as well as was a joint venture partners with Barry Sternlicht’s Starwood Capital Group in the redevelopment 1 Hotel & Homes in Miami Beach. LeFrak Organization also owns the Monarc at Met apartment building located at 201 SE 2nd in Downtown Miami.

Ugo Colombo's CMC Group Sells Brickell Flatiron Sales Center Property For $6.5 Million

Ugo Colombo’s CMC Group has sold the Brickell Flatiron sales center site at 1101 S Miami Ave. for $6.5 million to Retail Ocean LLC. The deal was overseen by Fabio and Sebastian Faerman of FA Commercial with Fortune International Realty, who represented the buyer, and Chris Suarez of CMC Group, who represented the seller. The 7,688 SF triangle shape site was acquired by CMC Group in 2013 as part of the original assemblage for Brickell Flatiron, a luxury condo tower that when completed in October 2019 was tallest condominium south of Manhattan. CMC Group initially launched sales for the 64-story, 527-unit tower in 2014. The buyer for the sales center property is a group of Argentine investors who plan to develop the site and bring in a major restaurant group for a flagship restaurant.

CMC Group is currently developing Onda, a 41-unit luxury condo project in the Bay Harbor Islands, in partnership with Morabito Properties.

KAR Properties and Fortune International Group Buy Out Remaining Reach and Rise Residences at Brickell City Centre

KAR Properties and Fortune International Group have bought out the remaining 81 unit inventory at Reach and Rise Residences at Brickell City Centre, officially marking the sell out of the residential development. KAR Properties and Fortune International Group will be focusing on selling the recently purchased units with Fortune Development Sales leading these efforts. 

“As fellow developers in the downtown Brickell area, we have great respect for Swire. The company has played an integral role in the transformation of Brickell,” said Shahab Karmely, CEO and Founder of KAR Properties. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Viñoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.” 

KAR Properties and Fortune International Group believe the existing inventory in today’s market is attractive for the consumer looking to buy and live in Miami now. The continued investment Swire Properties placed into the development, the timing in today’s real estate market, the residences’ prime location and its elite quality are just a few of the reasons the two firms believed in this investment. 

“Brickell City Centre has enhanced Miami’s Brickell neighborhood, bringing high end retailers, global cuisine and entertainment to the community. As Miami’s global appeal and market demand rises, real estate continues to be a smart investment option,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Our firm has had long-term success in the industry with a strong grasp on what is happening in the South Florida market. It is clear Swire Properties has developed a landmark destination for the community.” 

The luxury condominium towers are an anchor for the mixed-use property of Brickell City Centre developed in 2014. This master plan destination stands out as a hallmark of Brickell’s live-work-play lifestyle, attracting both local and international residents and celebrities.

“Swire Properties is delighted to sell the remaining inventory of 81 units to respected investors KAR Properties and Fortune International Group, in a significant transaction that reflects their shared commitment to this outstanding product and belief in Brickell City Centre,” said Kieran Bowers, President of Swire Properties. “Swire Properties will continue to invest in Brickell over the coming years and attention will now turn to the development of the remaining phases and parcels surrounding Brickell City Centre.”

Related Companies Adds To West Palm Beach Office Portfolio With Acquisition of CityPlace Tower For $175 Million

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio with the acquisition of CityPlace Tower for $174 million, $577 PSF. The seller was the publicly traded W.R. Berkley Corp. (NYSE: WRB) who initially acquired the property in 2014 for $150 million. CityPlace Tower was developed by Related Companies in 2008 before they sold it in 2011 for $126.5 million. The Class-A office building is located at 525 Okeechobee Blvd. and rises 18-stories spanning 303,519 SF.

Tenants at CityPlace Tower include Shutts & Bowen, Greenspoon Marder LLP, Marcum LLP, Cleveland Clinic and Carlton Fields. Asking rents range from $51 to $55 SF.

In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and is building another office tower, 360 Rosemary. Following the acquisition of CityPlace Tower Related Companies is now the largest Class A office owner in Downtown West Palm beach.

Image via Mc Gowan Builders

Tour This Record Breaking Altos Del Mar Beachfront Compound Which Just Sold For $37.5 Million In Miami Beach

A one-of-a-kind compound in Miami Beach’s exclusive beachfront Altos Del Mar neighborhood just sold for a record $37.5 million. The combined sale of 7709 Atlantic Way, and the vacant lot next door creates the only double lot in the exclusive gated community. 7709 Atlantic Way sold for the full asking price of $25.5 million, $3,865 PSF which is a record-breaking sale for the area. The adjacent vacant 16,000 SF lot sold for $12 million.

Ruthie and Ethan Assouline with The Assouline Team at Compass represented the seller and designers of the home, South African brothers, Ivan and Moss Kadey. Morgan Blittner with Brown Harris Stevens represented the buyer, Victor Ciardelli, the CEO of Guaranteed Rate.

The 6-bedroom, 5.5 bath residence spans 6,758 SF of interior space with features including a top-level master suite offering breathtaking views via Eastern and Southern exposure, and a TV that floats down from the ceiling. Finishes include custom Porro closets, Boffi bathrooms, Valli Valli door fixtures, Savant smart home system, elevator with custom mesh walls, dedicated office, guest room, laundry room, rooftop deck with 360-degree views and an embedded steel jacuzzi.

Other lavish features of the home include include a fully equipped first level retreat with home theater, spa & steam room, cold plunge, sauna, & Technofit gym.

Outdoors features an expansive entertaining deck with a summer kitchen, cabana, oceanfront garden and pool with a 60’ swim lane.

7709 Atlantic Way was designed as a collaboration between two South African brothers, architect and acoustic designer Ivan Kadey and businessman Moss Kadey. Construction was overseen by Haute & Boss.

As the only direct beachfront single-family home community in all of Miami Beach, the gated and ultra-private Altos Del Mar is comprised of just 24 homes with 24-hour private security and park connectivity to luxury enclaves including the Four Seasons Surf Club, the St. Regis and Bal Harbour Shops.

Images via LPG for The Assouline Team

For more information about homes in Altos Del Mar, private showings or purchasing/ leasing information please fill out the form below:

Ian Bruce Eichner's Continuum Company Closes On Bay Harbor Waterfront Development Site, Plan September Sales Launch

Ian Bruce Eichner, developer of the Continuum South Beach, an iconic luxury condo tower in Miami Beach’s exclusive South of Fifth neighborhood, is back in South Florida with a new project involving two of the last large-scale vacant land parcels remaining in Bay Harbor Islands, Florida.

Eichner’s Continuum Company close on two properties located at 9201 East Bay Harbor Drive and 9461 East Bay Harbor Drive for $29,500,000. Phil Gutman oversaw the transaction and will be spearheading sales and marketing efforts for the project. Eichner submitted plans to the city, which are subject to modification, calling for two 7-story condominium towers with a combined 142 units and 34 boat slips.

“We’ve been looking for the right development opportunity to re-enter the Florida market. Bay Harbor is an overlooked neighborhood with many of the same attributes that contributed to the desirability and success of Continuum South Beach,” said Eichner.

Presales are anticipated to launch this September with a planned December groundbreaking. The 23-month construction schedule calls for a November 2023 delivery date. As with the Continuum South Beach, this Bay Harbor project will offer the same high quality deliverables and finishes that have become hallmarks of the Continuum Company.

“Bay Harbor is a phenomenal community. Steps from the beach and walking distance of the Bal Harbor Shops, we envision a development that will offer Bay-front living with boat slips that will allow residents to take full advantage of direct access to Biscayne Bay, the Atlantic and nearby boating destinations like the Bahamas and Florida Keys,” said Eichner.