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Floridian Sells for Nearly $100M

MIAMI-Joint venture Carlyle DK/Equity Florida LLC paid about $292,814 per unit to Gumenick Properties of Virginia for the 334-unit waterfront property on South Beach. The new owners plan to convert the rental property, built in 1997, into condominiums.

By Melissa Bogdany | Updated on March 15, 2004

MIAMI-The Floridian, a 33-story, waterfront residential tower in the city’s South Beach, has been sold for $97.8 million. Carlyle DK/Equity Florida LLC acquired the 334-unit property, located at 650 West Avenue from Gumenick Properties, based in Virginia, LaSalle Bank, Carlyle Group and Boston Capital provided financing for the acquisition.

Carlyle DK/Equity, a joint venture between Chicago-based Draper and Kramer Inc. and Equity Marketing Services Inc. of Chicago, is planning to convert the rental property into a for-sale condominium project, according to a spokeswoman for the project. The project has one-, two- and three-bedroom residences, and condominium prices will range from the mid-$200,000s to the mid-$500,000s. Penthouse prices will range from the high $600,000s to more than $1 million.

“After exhaustive market research, we are confident that this luxury product fills a niche in this aggressive real estate market,” Forrest D. Bailey, a principal of Carlyle DK/Equity Florida LLC, says in a statement. “The Floridian is a value-oriented purchase that we were fortunate to find.”

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