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

Bay Harbor Islands Home Sells For Record $12 Million To Co-Founder of Dreampact Ventures

Real estate records continue to be set all across Miami. The co-founder of venture capital and private equity firm Dreampact Ventures Fued Sadala has purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood. The transaction was overseen by Devin Kay of Douglas Elliman, who represented the seller, Orsan Properties and had listed the property for $12.5 million. Orsan Properties is led by Matty Oren and Yaniv Sananes who acquired the property in 2018 for $4 million. The previous record for a waterfront sale on the Bay Harbor Islands was held by 9540 West Broadview Drive which sold for $11.5 million in December 2020.

9814 W Broadview Drive offers 8-bedrooms, 9-bathrooms and spans 7,098 SF. The home was built in 2002 and has been fully-renovated with the finest finishes. Inside the residence offers a chef’s kitchen, dining room, home office, and master-suite with a private lounge and double walk-in closets. Outdoors the residence features a pool, spa and new seawall with a 60’ dock.

Images via Douglas Elliman

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The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

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TriStar Capital and RAL Development Acquire Final Piece Of Wynwood Assemblage For $13 Million

David Edelstein’s TriStar Capital and RAL Development, led by Robert Levine, have closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. The development partnership paid $13 million for a 31,250 SF site at 2701 NW 5th Ave., financed by a $12.1 million mortgage provided by Comerica Bank. The property currently has a 20,239 SF building that will be demolished to make way for an office campus that includes the adjacent 39,732 SF lot at 2661 NW 5th Ave. which TriStar Capital acquired in 2018 for $18 million. Combined the assemblage totals 70,932 SF and cost $31 million.

The developers are planning to build a modern, technologically advanced office campus targeted at Miami’s fast growing tech sector. The campus will feature two Arquitectonica-designed mixed-use 8-story office towers with roughly 300,000 SF of Class A office space.

Images via TriStar Capital

Two-Story Penthouse At Onda Residences In Bay Harbor Sells For $9.5 Million

A two-story penthouse at Onda, a new boutique luxury condominium planned for Miami’s exclusive Bay Harbor Islands neighborhood, has sold for $9.5 million dollars to a buyer from Louisville, Kentucky. The 8-story development, which is being developed by a joint venture between Ugo Colombo’s CMC Group and Valerio Morabito’s Morabito Properties, enjoys an enviable waterfront location with more than 300’ of bay frontage, a private marina, and sweeping views of Biscayne Bay and the Atlantic Ocean. Nearly 40% of Onda’s 41-units have already been pre-sold since launching sales in March, with a majority of buyers hailing from the U.S. Construction is estimated to begin in Fall 2021, with completion slated for 2023.

The expansive penthouse will include a total of 7,199 SF, encompassing 5,073 SF of interior space with 4 bedrooms, 4.5 bathrooms, an office/bonus room, and a wine cellar. The residence will also include an additional 2,126 SF of outdoor space in the form of 9-foot-deep wrap-around terraces and a private rooftop deck complete with its own pool, garden, and summer kitchen.

Melissa Pardo of Fortune Development Sales represented the developers in the transaction, while Fernando Rodriguez Parilli of Fortune International Realty represented the buyer.

“Our vision for Onda was to create a boutique-style building that felt like you were living in a private waterfront home with all the amenities and conveniences of a luxury condominium,” said Valerio Morabito, CEO of Morabito Properties. “Our residences boast oversized floorplans and an abundance of outdoor space. With its own rooftop pool deck and direct water views overlooking Biscayne Bay and the Atlantic Ocean, the sale of our signature penthouse speaks to its unique caliber in the Miami market.”

The news of the penthouse sale comes as a wave of wealthy domestic buyers migrating to South Florida and diminishing single-family home inventory has sparked renewed interest in Miami’s luxury condo market. According to the Miami Association of Realtors, sales of existing condos jumped a whopping 286% in May year-over-year, from 563 to 2,176, driven primarily by U.S. buyers from tax-burdened states. The latest statistics support that fierce competition and ballooning prices for single-family homes are driving buyers towards condominiums instead.

Located just west of the world-class shopping mecca Bal Harbour Shops, Bay Harbor Islands is one of the most sought-after residential neighborhoods in Miami. The exclusive two-island waterfront enclave is situated roughly two miles north of Miami Beach and neighboring Indian Creek Island, a private island famously known as “Billionaire Bunker” for its roster of celebrity residents. Bay Harbor Islands is renowned for its charming small-town community vibe, proximity to Miami’s poshest retailers and restaurants, and stunning waterfront location and views. The walkable family-oriented village also offers an abundance of parks and green space, along with access to one of the best schools in Miami-Dade County.

“Bay Harbor is like an undiscovered jewel in Miami. It’s a little island community that’s in the middle of everything with fantastic water views and just a few steps away from Bal Harbour Shops,” said Ugo Colombo, Founder of CMC Group. “With Onda, we set out to create an ultra-luxurious intimate building with a handful of units and a handful of residents in one of the nicest waterfront communities in South Florida.”

Onda – the Italian word for “wave” – has been architecturally designed by Bernardo Fort-Brescia of Arquitectonica, with interiors imagined by creative design masterminds Carlo and Paolo Colombo of A++ Human Sustainable Architecture, and lush landscaping by award-winning landscape architect Enzo Enea of Enea Garden Design.

Among Onda’s standout features is over 300’ of bay frontage, a private marina for the exclusive use of residents with boat slips, a water sports launch dock with available kayaks, paddle boards and inflatables, and direct ocean access through Miami’s Haulover inlet.

Building amenities and features will include a rooftop pool deck and lounge area; a state-of-the-art fitness center with Technogym equipment, a yoga studio, a spa with massage treatment rooms, changing facilities, and steam bath and sauna rooms. A private marina for the exclusive use of residents with boat slips, a water sports launch dock with available kayaks, paddle boards and inflatables, and direct ocean access through Miami’s Haulover inlet. Onda will also feature personalized services, advanced security and technology along with a front desk reception, covered valet drop-off area, personal parking spaces, electric vehicle charging stations and bicycle storage, and residential storage space. The building will offer an integrated digital concierge along with readily accessible WiFi throughout all public spaces, and FTTH (fiber to the home) technology for voice, video and high-speed internet.

All residences will feature an office/den, private and semi-private high-speed elevators, floor-to-ceiling impact-resistant sliding glass doors and windows, spacious tiled terraces with private gardens, open floor layouts with up to 9-foot grand ceiling heights, fully-accessorized Snaidero kitchens with top-of-the-line Miele appliances, bathrooms with Italian marble and wood cabinetry, exquisite Italian flooring throughout, energy-efficient air conditioning and heating systems with ultra-quiet technology, and air and water filtration systems.

Onda benefits from the track-record and expertise of Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties, two world-class developers driven by their Italian instincts for quality, style, and craftsmanship. Colombo and Morabito previously partnered in 2016 to lead the development of Beach House 8, a nearby boutique waterfront condo building on Collins Avenue in Miami Beach. Most recently, Colombo and CMC Group delivered Brickell Flatiron, a 64-story luxury tower in Downtown Miami’s Brickell Financial District.

Fortune Development Sales is managing sales and marketing for Onda Residences.

For more information, including preconstruction sales opportunities, please contact Fortune Development Sales at (305) 344-1234 or info@ondaresidences.com and visit the development’s sales gallery at 10301 East Bay Harbor Drive, Bay Harbor Islands, FL 33154.

Learn more at www.ondaresidences.com.

This article was produced as part of a partnership with ONDA Residences.

Ultra-Luxe Condo At One Thousand Museum Sells For $7.2 Million In Cryptocurrency Ethereum

Crypto sales in Miami continue to become more mainstream as the city continues to make itself a Crypto City and emerging tech hub. Unit 2202 at One Thousand Museum by Zaha Hadid Architects has sold for $7.2 million in the cryptocurrency Ethereum, becoming the most expensive crypto currency real estate purchase to date in the City of Miami. It is also second most expensive in Miami-Dade County behind a penthouse at Arte Surfside that sold last month for $22.5 million. Keith Marks and Sonia Toth of The Keith & Sonia Team at Brown Harris Stevens were the exclusive listing agents. Zachary Oppenheim and Madison Roberts of Oppenheim Realty brought the buyer.

The 4 bedroom 5.5 bathroom northeast corner unit spans 4,600 SF. The residence offers far reaching views of Biscayne Bay and Miami Beach and overlooks cultural landmarks including Perez Art Museum Miami (PAMM) and Phillip and Patricia Frost Museum of Science. The residence also features spacious balconies and the finest attention to detail and state of the art appliances and lighting, including Poliform, Gaggenau, SubZero, Dornbracht, Petzgold and Creston.

One Thousand Museum is regarded as the essence of unprecedented fusion of art, architecture, design and location within Downtown Miami. Designed by famed architect Zaha Hadid, the building is home to the highest helipad in the US other than Los Angeles. Celebrity residents include David and Victoria Beckham.

Cryptocurrency has emerged as a viable form of payment for real estate and Miami has been at the cornerstone of crypto becoming mainstream. Miami is quickly becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Arte by Antonio Citterio in Surfside became the first new construction project to accept cryptocurrency for real estate followed by E11EVEN Hotel & Residences. A unit would later sell for a record $22.5 million in cryptocurrency at Arte.

For a background on cryptocurrency and blockchain and its application to real estate check out the PROFILE Insider: The Crypto Revolution Versus The Evolution of Blockchain Part 1.

Images via Brown Harris Stevens

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