Château adds another piece to Surfside assembly for $6.2M

Newest acquisition means Château owns half of 9300 block on Collins Avenue

TRD MIAMI /
Nov.November 03, 2015 05:15 PM

The Château Group just acquired a small Surfside apartment building for $6.2 million, adding yet another piece to its waterfront chessboard where it is building the Fendi Château Residences.

A company headed by Château principal Manuel Grosskopf was recorded as the buyer of 9300 Collins Avenue, a two-story apartment complex that was built in 1958. The deal was financed with a $4.65 million loan from Centennial Bank.

The building, which houses 24 apartments, sits on a 0.36-acre lot across the street from the Surfside Community Center.

A pair of investors snapped up the property in October last year for $4.08 million — a price that breaks down to roughly $170,208 per unit. State corporate records show the holding company that owns the building, 9300 Surf Block LLC, is controlled by Yoav Merary and David Gross of Hollywood.

After holding onto it for a little over 12 months, the two have offloaded the apartments for $258,33 per unit — a cool premium over what they originally paid.

This latest purchase means Château owns the entire eastern section of Collins Avenue’s 9300 block. Those 2.2 acres are occupied entirely by mid-century, low-rise apartment buildings. The other half of the block, which fronts Harding Avenue, is a mix of surface parking lots and single-family homes.

Château is building the Fendi Château Residences across the street. That project is a joint venture between the development group and luxury fashion brand Fendi. It topped off in August and is expected to open in June 2016.


Related Articles

arrow_forward_ios
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Ritz-Carlton Residences Sunny Isles Beach (Credit: Sunny Isles Property Venture LLC and iStock)

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles
Edgardo Defortuna, Ritz-Carlton Residences Sunny Isles Beach

Ritz-Carlton Residences Sunny Isles developers face second lawsuit from Tropicana

Ritz-Carlton Residences Sunny Isles developers face second lawsuit from Tropicana
Fendi Chateau and Israel Roizman of Roizman Development (Credit: Chateau Group via Curbed)

Low-income housing developer buys condo at Fendi Château

Low-income housing developer buys condo at Fendi Château
WATCH: Concrete pour of the Ritz-Carlton Residences in Sunny Isles Beach

WATCH: Concrete pour of the Ritz-Carlton Residences in Sunny Isles Beach

WATCH: Concrete pour of the Ritz-Carlton Residences in Sunny Isles Beach
DBOX’s work has been recognized by organizations including the Academy of Television Arts & Sciences (Emmy® Awards), Communication Arts, The Art Directors Club, World Luxury Award, American Design Awards, and The International Property Awards, and has been exhibited at The Museum of Modern Art, The Museum of Contemporary Art in Tokyo, The Art Institute of Chicago, and The Museum of Contemporary Art in Los Angeles.

DBOX was founded in 1996 and maintains studios in New York, London, and Miami.

Ritz-Carlton Residences in Sunny Isles Beach unveils $1M sales gallery: PHOTOS

Ritz-Carlton Residences in Sunny Isles Beach unveils $1M sales gallery: PHOTOS
Chateau Group plans to combine 600, 700 Biscayne into mixed-use project

Chateau Group plans to combine 600, 700 Biscayne into mixed-use project

Chateau Group plans to combine 600, 700 Biscayne into mixed-use project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...