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19 Condo Units Trade In Downtown Miami For $5.2 Million

Thursday, 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 buyer, REI Quantum LLC, paid $244 per square foot for 21,290 square feet of saleable space, representing a 21 percent discount off of the $308 per square foot average in the project prior to the bulk deal, according to an analysis by CondoVultures.com. 

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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  • 18.05.09 Content >> FP Mods

    BULK BUYERS:

    Are you a private equity group principal or institutional fund manager searching for deeply discounted multi-housing sites that are not yet listed? Do you want to deal directly with the distressed sellers? The Condo Vultures® Realty Bulk Projects Database™ is what you have been searching for up until now. Our realtime, searchable Bulk Projects Database™ features unlisted, distressed multi-housing projects, complexes, towers, and land made available exclusively to Condo Vultures® Realty by distressed developers, lenders, or owners who are ready to sell. To start utilizing our searchable Bulk Projects Database™, you will first have to register with an email address and create a username and password. Registrants who are accepted will be granted access to our Bulk Projects Database™ and receive email alerts whenever a new project is added or the status of an existing project changes. Please note that the Bulk Projects Database™ is available only to buyers and/or buyer representatives.

  • 18.05.09 Content >> FP Mods

    SELLERS:

    Are you a developer, lender, or owner who wants to unload a project, complex, tower, or development site quickly and quietly? Are you tired of dealing with prospective buyers who aren't serious or even qualified? Stop allowing your project to be shopped around through the daisy chains, and bring the product to the real estate brokerage that has the qualified buyers with the capacity to close the deal. If you are interested in finding out more, please complete the brief registration form so that a member from our Bulk Division contacts you to explain how to get your project in front of our ready, willing, and able buyers.