MIAMI, FL -- Nearly 350 South Beach residential and commercial condo units in a pair of projects - the Paradiso (top left photo) and Roney Palace (lower right photo) - on the ocean side of Collins Avenue have traded for nearly $124 million, according to a new report from CondoVultures.com.
The buyers – 2377 Collins Resort LP and Roney 3 Investors LP both with Eric Franklin of Rinaldi, Finkelstein & Franklin of Greenwich, Conn. as contact – acquired the condo units in the first week of February 2012, according to an analysis of Miami-Dade County records.
The condos are part of a series of transactions totaling nearly $230 million that includes 340 hotel rooms in the former Gansevoort Miami Beach Hotel and more than 50,000 square feet of developable land on the west side of Collins Avenue, according to government records.
A consortium of investment funds comprised of Starwood Capital Group, the LeFrak Organization, and Invesco Limited has issued a joint statement claiming credit for the deal but declining to disclose the purchase price.
The consortium did state it intends to invest "$100 million in an extensive renovation of the overall property" in hopes of repositioning the project into being one of Miami Beach "premier" destinations.
For a complete copy of the company’s news release, please contact:
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