$34M Sale Jumpstarts Condo Conversion Plan

SURFSIDE-The Waverly at Surfside, a new rental development here, has been sold for $33.5 million, and the new owners plan to convert it into a condominium community. Atlanta-based developer Margolias Realty Group purchased the 111-unit community under the entity Primegro Surfside LLC from ZOM USA for $301,801.80 per unit. The project was completed less than a year ago.The contemporary-style project consists of two buildings. One is the Waverly Beach Tower, a 12-story, 64-unit oceanfront building located at 9201 Collins Ave. The other is the Waverly Garden Villas, a four-story, 47-unit building with villa-style residences at 9172 Collins Ave. The development is located between Miami Beach and the Village of Bal Harbour in northeast Miami-Dade County. Bank of America and South Charles Investment provided financing for the acquisition.The project’s one-, two- and three-bedroom units range in size from 707 sf to 1,608 sf. Prices start in the $300,000s for units in the oceanfront building and in the $240,000s for garden building units. All units are ready for occupancy.Margolias Realty Group principal Sol Margolias indicates there is demand for such a luxury project in that area. “Surfside is growing tremendously both in population and in property values,” Sol Margolias says in a statement. “As a conversion, Waverly at Surfside fulfills the need for a luxury condominium that is a well-priced option considering its coveted oceanside location.”

Amenities include a private beach club, an infinity-edge, oceanfront swimming pool, a garden pool with a spa, a fitness center, a volleyball court, and a club room with a lounge and a billiards table.Condo conversions, a hot South Florida trend, are not new to Margolias Realty Group. “It [the conversion] made sense because we’ve been a converter in the Atlanta area, and this is our first venture in the South Florida area,” Margolias says. “This was just to wet our feet, so it was a perfect size.” He adds the company plans additional similar projects in the area. “Oh, yeah, if we can get it. It’s not easy.”