A $1 billion U.S. opportunity fund paid about $252,500 per unit for the last 120 units in the newly completed 54-story 50 Biscayne condominium tower in downtown Miami, netting the seller $18 million, according to the South Florida Business Journal.
Lubert-Adler Partners, a $1 billion opportunity fund based in Philadelphia, paid $30.3 million for the remaining 23 percent of the 528-unit tower at 50 Biscayne Blvd. The seller was Cousins Properties, a publicly traded Atlanta real estate company with the New York Stock Exchange ticker of CUZ.
The Related Group with Jorge Perez built the tower as part of a partnership with Cousins Properties. The Related Group and Perez are partners with the buyer, Lubert-Adler Partners, according to a statement from Cousins Properties.
The 50 Biscayne project is one of 85 condominium and/or townhouse projects to be developed in the Greater Downtown Miami area between 2003 and 2010, when the last tower is scheduled to be completed. Greater Downtown Miami is a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay that encompasses the Brickell Avenue area, Downtown Miami, and the Biscayne Boulevard Corridor.
During this latest condo boom, developers constructed or are scheduled to build 22,737 new units pushing the total inventory in Greater Downtown Miami to 34,254 units, according to the Condo Vultures® Official Buyers Guide To Miami.
Greater Downtown Miami is projected to have 39 million square feet of gross sellable space, according to the Guide.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
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