The Real Deal Miami

Bulk buyers scoop up 20 units at Champs Elysees condo in Miami Beach

June 11, 2010 11:15AM

1619 Lenox Avenue in Miami Beach

First on Lincoln, a private equity group, purchased 20 units, or 83
percent of the condos at the Champs Elysees just off of Lincoln Road in
South Beach, according to a new report by Condo Vultures. The company,
which lists Federico Ionta as its principal, closed on the deal for
9,300 square feet of space for $2 million, which represents an average
of about $215 per square foot, according to the report, which is based
on Miami-Dade County and Florida Secretary of State records. The deal
comes before July 1, when new laws intended to help out bulk buyers
will go into effect. TRD