Doral development site acquired for $30M

Falcone Group's Encore Housing Opportunity Fund picks up 24 acres
By Eric Kalis | June 02, 2014 12:00PM

Encore Housing Opportunity Fund’s Art Falcone

A company tied to Falcone Group’s Encore Housing Opportunity Fund picked up a 24-acre residential development site in Doral for $30 million, The Real Deal has learned.

EHOF Congress Doral acquired two properties at Northwest 62nd Street and Northwest 107th Avenue on May 20, according to Miami-Dade County records. The county recorded the transaction on Friday. Encore Housing is a Boca Raton-based private equity fund that looks for distressed residential investments.

No financing was recorded.

The seller is a company managed by WCP Doral Holdings, which shares a Wilton, Conn. mailing address with investment management firm Westport Capital Partners.

A separate deed with the Landmark at Doral Community Development District conveying one of the two properties to Westport’s company was also filed on May 20. The properties were likely carved out from the scuttled 120-acre mixed-use development proposed by Boca Raton-based EB Developers before last decade’s real estate crash.

Major homebuilder Lennar is marketing an 800-townhome development called Landmark at Doral near the site sold to Encore Housing. Lennar acquired the Landmark site for nearly $45 million in 2012.