The Real Deal Miami

Château adds another piece to Surfside assembly for $6.2M

Newest acquisition means Château owns half of 9300 block on Collins Avenue
By Sean Stewart-Muniz | November 03, 2015 05:15PM

A map of the Château Group’s acquisitions in Surfside and a rendering of the Fendi Château Residences project that’s being developed across the street

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.

Manuel Grosskopf, principal of the Château Group

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.