"Everglades on the Bay is ideally situated in the heart of one of the world's most vibrant cities," says Tom Duncan, president of Duncan Hillsley Capital. "Its competitive pricing and diversity of product will allow us to capitalize on the resurgent condominium market."

Everglades on the Bay offers two 49-story towers located on Biscayne Boulevard in downtown Miami's arts and entertainment district. Residents have views of both Biscayne Bay and the city skyline. The asset is directly across from Bayside Marketplace and within walking distance to downtown office buildings, Museum Park, American Airlines Arena, Adrienne Arsht Center for the Performing Arts, and area colleges and universities.

Jack McCabe, principal at McCabe Research & Consulting in Deerfield Beach, tells GlobeSt.com that he’s heard talk on the streets that there were bids higher than $141 million. “Rockwood may have stolen the deal at a lower price than some other buyers,” he says, “but it would be my opinion that the sellers were more confident transacting a sale this size with a well-known, well-funded entity like Rockwood.”

Rockwood plans to sell condos at prices ranging from the low $200,000s to million-dollar-plus penthouses, but McCabe says he wouldn’t be surprised if some of the inventory ended up back in the rental pool. As he sees it, Rockwood has the deep pockets and the longevity to hold onto the acquisition until market conditions improve and profit opportunities are more favorable. In the meantime, he says, the deal is good for Downtown Miami.

“We are seeing more and more of these empty condo units transacted, which means even more renters or owners moving into the building that will be paying home owner’s association dues to continue with maintenance and upkeep and services,” McCabe says. “This is good for retailers, restaurants and night clubs in the Brickell area.”