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South Florida

Fortune pays $17M for half of troubled Miami condo conversion

The Vista Lago multifamily community in Miami
The Vista Lago multifamily community in Miami

Fortune Capital Partners just bought a 135-unit condo portfolio near the Miami Executive Airport for $17.5 million.

Included in the sale were more than half of the units in the Vista Lago condo complex 10560 Southwest 156th Place. They were sold by the Philadelphia-based RAIT Financial Trust, which had been operating the condos as rentals since RAIT bought them for nearly $16.7 million in 2010.

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This recent purchase was made through an affiliate company headed by Fortune’s asset management arm, Fortune Capital Management Services.

According to the firm’s website, Fortune specializes in converting condo communities — though recently it’s added ground-up development to its tool belt. One of its projects is the upcoming Gables Gate Tower apartment complex that’s under construction.

Miami-Dade County records show the Vista Lago complex used to be an apartment community before it was converted to condominiums in 2007. A Condo Vultures report says the converter, now-defunct BHI Developers, sold 113 units before the recession hit in 2009.