Trophy Rental Tower Sale Tops $96M

MIAMI BEACH, FL-The Floridian, a 334-unit luxury, waterfront trophy rental apartment tower in the city, has been sold for more than $96 million, and the new owners plan to convert the tower to condominiums.

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.