The Real Deal Miami

Big bulk buy at Miami’s Met One tower

January 11, 2010 01:30PM

A private equity consortium has snapped up 80 units totaling 67,400 square feet of space in the financially strapped Met One tower in downtown Miami. The investors paid $16.7 million, or $248 per square foot, in a series of linked transactions, marking the 33rd bulk sale in Miami in the past 18 months and a nearly 40 percent discount to the average recorded prices of $416 per square foot on the open market. The seller was MDM Residences Limited, controlled by Luis A. Pulenta and Ricardo Glas. The investors operate under the names J.P. Downtown Apartments LLC, Met One Apartments LLC, and M.O. Units LLCs. The principals of all three buying entities are Alejandro Angulo, Juan Carlos Angulo, Jose Luis Innocenti, and Miguel Angel Innocenti, according to state records. [Condo Vultures]