Fontainebleau Sorrento sells last 25 condos for $7.2 million

Aventura-based developer Turnberry Associates has sold the last 25
condos at the Fontainebleau Sorrento in Miami Beach for $7.2 million, or
approximately $288,000 per unit. The units were sold in an all-cash
deal to buyer BH III, which owns the 116-unit Terra Beachside at 6000
Collins Avenue. The development was built in 2008. At the time,
condos in the Fontainebleau were listed at prices between $269,000 and
$7.9 million per unit, ranging from 550 square feet to 1,742 square
feet. The deal was brokered by Pordes Residential Realty. [Real
Estate Channel]