The Real Deal Miami

Ocean House in South Beach sells out

The 18-unit project's sales launched in May 2012
March 16, 2015 12:45PM


Ocean House

Ocean House, an oceanfront luxury condominium project in South Beach, has closed on its last unit for $12.1 million.

The residence is one of two beachfront homes offered at the complex: Both are two stories and 6,378 square feet. The unit sold has four bedrooms, four-an- a-half bathrooms, and  is fully furnished by design company Interiors by Steven G.

Cervera Real Estate, the exclusive listing agency for the complex, represented Ocean House for the sale. The buyer, who is undisclosed, was represented by Jeff Miller of Zilbert International Realty.

Located at 125 Ocean Drive in the South-of-Fifth neighborhood, Ocean House was originally built in 1946 and has undergone luxury and modern renovations over the past few years.

Owner iStar invested in a series of capital improvements after it picked up the project when the previous owner’s $79 million loan went into foreclosure in 2009. The firm then re-launched sales in 2012 and enjoyed a flurry of multi-million dollar closings.

The Art Deco-style complex has 18 residences, ranging in size from two-bedroom to four-bedroom condos, penthouses, and the two beachfront homes.

Amenities include private beach access, a beachfront pool, a fitness center and a private theater room.

“We’re delighted that our efforts of redesigning and finishing the amenities at Ocean House was so well received by the Miami market,” said John Kubicko, senior vice president for iStar Financial, in a statement. — Sean Stewart-Muniz