The Real Deal Miami

Florida investors buy 10 more units in Met 1

May 12, 2010 08:29PM

A Florida corporation that purchased 80 units in the Met 1 condo at the
end of 2009 has purchased another 10 in a bulk deal at the 40-story
tower, according to Condo Vultures. The company,
which has Alejandro Angulo, Juan Angulo, Jose Innocenti and Miguel Innocenti listed as principals, now owns 34 percent of the 268 total
units in the  Downtown Miami tower, at 301 Southeast Third Avenue on the corner of Northeast 18th Street. The 10-unit deal went for a price of $2.75
million, or $263 per square foot, closing April 21, Miami-Dade County
records show. The same corporation bought its first 80 units in the
building at an average of $248 per square foot, or $16.7 million. In
total, all 90 units were bought at an average of $250 per square foot,
which represents a 40 percent price cut off the the $414 per square foot
average on individual deals with the developer. TRD