Condo Vultures® Bulk Projects Database™
19 Condo Units Trade In Downtown Miami For $5.2 MillionThursday, 21 January 2010 17:15 A Miami private equity group has purchased 19 units in Greater Downtown Miami's Biscayne Boulevard Corridor for $5.2 million in the twin-tower Quantum on the Bay project, according to a report from the South Florida Business Journal. The REI Quantum LLC is controlled by two entities: Real Estate Investment Consulting Group LLC with Paul A. Jarquin of Miami Beach and MIG US LLC with Mathieu Massa of Miami, according to the Florida Secretary of State. "This bulk buyer purchased the condo units at a discount in the project but at a premium in the Greater Downtown Miami submarket," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Given the aggressive purchase price, we would expect this bulk buyer to take a rent-and-hold approach in the interim but eventually unload the product at a premium sometime in the medium future. "The biggest challenge the area faces in terms of rentals is the yet-to-open 346-unit highrise condo tower just two blocks north on North Bayshore Drive." Read more: 19 Condo Units Trade In Downtown Miami For $5.2 Million |
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