BH targets North Bay Village, underneath contract to buy multifamily undertaking for $80M-plus

BH Group is including a North Bay Village multifamily undertaking to its South Florida portfolio, The Actual Deal has discovered.

The Aventura-based agency, led by Liat and Isaac Toledano, is underneath contract to buy Wake Biscayne Bay, a 329-unit condo undertaking at 7501 and 7525 East Treasure Drive, for greater than $80 million, a supply conversant in the deal instructed TRD. 

Miami-based Mast Capital, New York-based Angelo, Gordon & Co. and San Diego-based InterWest Capital are promoting the three-tower complicated to BH. The deal is anticipated to shut within the first quarter of subsequent yr, the supply stated. 

The Toledanos didn’t reply to an electronic mail request for remark, and a Mast Capital spokesperson declined remark.  

In 2016, Mast, led by CEO Camilo Miguel Jr., and its companions purchased the complicated for $75.5 million when it was often called Treasures on the Bay I, II and III. Previous to that sale, the earlier proprietor spent $20 million renovating the three buildings, which had been accomplished in 1962 and 1966. 

BH Group is among the many most energetic growth and funding companies in South Florida. This month, the Plantation City Council accredited plans by BH and Coconut Grove-based Associated Group to construct a mixed-use undertaking with 512 flats and townhomes, 24,970 sq. toes of retail house and 833 parking areas at 8601 West Dawn Boulevard. The partnership acquired the 13.7-acre web site for $13 million final yr. 

Final month, BH and Associated, that are companions on a number of South Florida developments, landed a licensing settlement with Marriott to make use of the W brand for a deliberate Pompano Seaside waterfront condo-hotel. 

North Bay Village is booming with new growth. Coral Gables-based MG Developer and Miami Seaside-based Prosper are planning a 340-foot apartment tower with 147 models at 1725 79th Avenue Causeway. In October, the partnership paid $30.9 million for the 1-acre waterfront growth web site. 

A month earlier, the billionaire Ansin household’s Sunbeam Properties accomplished a bulk buy of Treasure Island Cove, an growing older condominium complicated at 1631 North Treasure Drive, for $8 million. Sunbeam plans to redevelop the prevailing six buildings with 24 condos into an enormous, phased mixed-use undertaking with residential, workplace and resort elements on land it beforehand acquired.

And in June, Ian Bruce Eichner’s Continuum Firm purchased a Greatest Western resort at 1819 79th Avenue Causeway that was residence to the lately shuttered Shuckers Waterfront Bar & Grill, a waterfront restaurant well-liked with native diners for a lot of many years. Continuum paid $75 million for the positioning, which the agency plans to redevelop right into a resort and Continuum-branded apartment with a non-public membership, health club, eating places and marina.