The Real Deal Miami

Unsold units at Sunrise’s Tao to be rented

May 24, 2011 04:37PM

ST Residential, a unit of Starwood Capital Group, has sold the 240 unsold condominium units at Sunrise’s 396-unit Tao project in a $50 million bulk deal. Miami Beach-based Crescent Heights was the buyer, paying around $165 per foot, or $209,000 per unit, and plans to rent them out. The deal was brokered by International Sales Group. Starwood acquired Tao after the failure of the project’s original lender, Corus Bank. [Miami Herald]