The Real Deal Miami

Bulk buyers start turning profits

December 11, 2009 12:40PM

Prodigy Capital Investments, led by principal Rodrigo Nino, has turned a nearly 33 percent profit on a downtown Miami bulk sale from 10 months ago. The investment entity bought 10 units in the Brickell on the River South Tower complex for $1.9 million, or $156 a square foot. In transactions that closed between September and November, Nino’s company resold five units, mostly in all-cash deals, for about $207 a square foot. Peter Zalewski, a principal with the Bal Harbour real estate consultancy Condo Vultures, which maintains a database of bulk sales, said a 30 percent profit margin could hold up for Prodigy if it’s able to sell the rest of its units. [Condo Vultures]