Cousins, Related, strike Biscayne deal

The Related Group and its partner, Atlanta-based Cousins Properties completed a bulk sale of the last 120 unsold units at 50 Biscayne, a 54-story, 528-unit luxury condominium tower in Miami, to a partnership between Related and private equity firm Lubert-Adler Partners. The condominiums sold for $30.3 million and end Cousins’ involvement in the residential side of the project, which is located at 50 Biscayne Boulevard. The Cousins partnership retains seven commercial condo units in the building.