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SunVest/Hamilton Buy Kicks Off Conversion Plan

MIAMI-The developer, a joint venture between SunVest Resort Communities and Hamilton Investment Group LLC, paid $31 million, or $155,000 per unit, for the 200-unit property to Trammel Crow. SunVest/Hamilton is converting the project into condominiums and changing its name to Da Vinci at Coral Gables.

By Melissa Bogdany | Updated on July 27, 2004

MIAMI-Developer SunVest/Hamilton has purchased the Alexan at Coral Gables, a 15-story, 200-unit rental apartment building in the city, for $31 million and plans to convert the project to condominiums. The price equals $155,000 per unit.SunVest/Hamilton bought the property under the corporate entity Da Vinci Development LLC from Trammel Crow Co., the property’s developer. BankAtlantic of Fort Lauderdale, FL, financed $26 million for the purchased. The new owners of the high-rise, located at 2665 Douglas Rd., adjacent to the Coral Gables, are renaming it Da Vinci at Coral Gables, and a grand opening is scheduled for Sept. 3.The tower has one-, two- and three-bedroom units and penthouses and units range from 764 sf to 1,678 sf. With rents having started at $1,335 per month, the units are now selling for the $160,000s to the $400,000s. The units have private balconies, walk-in closets, European kitchens cabinetry, and washers and dryers. Amenities include a pool, a fitness center, a party room, a business center and a parking garage.Co-developer Hector Aragon of SunVest/Hamilton tells GlobeSt.com that this project’s location played a part in its decision to buy and convert it. “This building is virtually brand new,” he says. “It is located in one of the most sought-after neighborhoods in Miami … adjoining Coral Gables, just a few blocks from two of the most upscale shopping areas, Miracle Mile and (the Village at) Merrick Park, near Coconut Grove, Brickell Avenue and beaches. The building is … beautifully designed.”SunVest/Hamilton is a joint venture between Hollywood, FL-based SunVest Resort Communities and Coral Gables -based Hamilton Investment Group LLC. The venture has developed 11 other projects, including Emerald at Brickell, a 27-story, 142-residence upscale condominium community scheduled to be finished in December 2005 in Miami’s financial district.

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