BH Group, Mast Buy Out Coconut Grove Condo Owners, Redevelopment on Way
BH Group and Mast Capital bought out 39 condo owners in the Bayshore Park Condominiums at 2545 S. Bayshore Drive for $28 million, or about $718,000 per unit. The duo now own 100% of the units and has terminated the building’s condo association.
The South Florida Business Journal reports they plan to replace the building, which dates back to the 1960s, with a 35-unit luxury residential project, with completion slated for the second quarter of 2029.
The property’s in a prime location right across the street from the Monty’s Coconut Grove restaurant and within walking distance of Grove Harbour Marina.
Other recent condo buyouts in Coconut Grove include the $27.3 million purchase last month of most of the units at Virginia Pointe Condominium by Canero Group and 8K Capital.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout