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New Owner Takes 206-Unit Property for $28M

MIAMI BEACH-Its new owner, Comprehensive Management Services of Chicago, is spending $7 million to renovate the 206-unit North Beach property, which it is converting to condominiums. The seller was Byron Hall Ltd., which got about $135,922 per unit for the 34-year-old property.

By Melissa Bogdany | Updated on October 12, 2004

MIAMI BEACH-Another South Florida rental property sold with plans to be converted into a condominium community. In the deal, Chicago-based Comprehensive Management Services, under the entity Byhall LLC, has paid $28 million for Byron Hall Apartments here.Byron Hall Ltd. sold the 206-unit property, located at 401 69th St. in the North Beach area, for approximately $135,922 per unit. The new owner is making more than $7 million in renovations to the amenities and unit interiors. In addition, the property is being renamed 401 Blu. The 16-story building’s original structure, built in 1970, is being preserved.The project has 555-sf studios, 857-sf one-bedroom/one-bath units and two-bedroom/two-bath residences totaling 1,217 sf. The total development is 283,242 sf, according to the Miami-Dade County property appraiser’s office.The units will have private balconies with water views, new kitchens, new flooring, new balcony doors and glass railings. They are priced from the high $100,000s to more than $400,000. Kirschner Realty International Inc., based in Hollywood, is 401 Blu’s exclusive sales agency. William Hamilton Arthur of Coral Gables is the architect. LEM Mezzanine in Philadelphia provided acquisition financing for the project. The condominiums are available for immediate occupancy, according to the owner. North Beach recently has seen new development and older building renovations.The project’s amenities include a rooftop pool, a sauna, a fitness center, a media room, a recreation area with a cyber café, valet parking and a 24-hour doorman. The condo project is intended to offer luxury residences at “very reasonable prices,” according to Edward Carlson, CEO of Comprehensive Management Services.

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