The Real Deal Miami

Resale goals set for Related’s bulk condo buy

October 13, 2008 04:13PM

Related Cervera Realty Services has gotten sales rolling at the Related
Group’s bulk-purchase condo development in the 528-unit 50 Biscayne. The Related Group built the development in partnership with Atlanta-based Cousins Properties and later bought up the units and closed out its loan. The buying fund, Lubert-Adler Partners, paid $6.1
million in May for 26 units, or an average of $236,294 per unit, and $30.3 million for 120 units, or an average of $252,504 a condo. The same units had been retailing for about $150,000 more.