Carlyle/DKE Floridian LP, a Delaware partnership, purchased the tower from Gumenick Properties of Virginia for more than $287,425 per sf. The Floridian is located at 650 West Ave. and was built in 1997.
The homes have views of Biscayne Bay, Downtown Miami and South Beach. The units average 1,188 sf. Plans call for the project to be converted to for-sale units and for the addition of an adjoining marina. "This is a marquis transaction that will offer potential future residents a luxury living environment," a Gumenick Properties spokesman says.
Gumenick Properties is looking to add other properties to its portfolio, says a spokesman for CB Richard Ellis, which handled the sale. "We decided to sell the Floridian to diversify our portfolio," the Gumenick Properties spokesman says. "The funds realized from this sale will be redeployed in the purchase or construction of multifamily assets. We still remain committed to operating in the Miami market and intend to solidify and enhance our well-established presence there."
The brokerage team of Jay H. Massirman, executive vice president of CBRE; Denny St. Romain, a director with LJ Melody; and Kevin Jonas, an associate who is also part of the CB Richard Ellis/LJ Melody Multi-housing Group-Miami team, advised Gumenick Properties in the sale. Chicago-based Carlyle/DKE Floridian LP represented itself in the transaction.
Condo conversions have been a hot trend over the past several months in the South Florida area, as interest rates have been favorable for buyers. Other South Florida condo conversion projects include the 240-unit Pinecrest Village in Downtown Fort Lauderdale, the 234-unit Heather Glen in Sunrise and the 152-unit Newport in Plantation.
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