The Real Deal Miami

SBA Communications founder first buyer at Highland Beach townhomes

Two units have closed so far at 3621 South Ocean
By Amanda Rabines | November 15, 2018 03:30PM

Rendering of 3621 South Ocean

A new luxury townhome project in Highland Beach just recorded its first two sales, including one to the founder and chairman of SBA Communications, Steven E. Bernstein.

The north building of the six-unit townhome project at 3621 South Ocean Boulevard was recently completed by a joint partnership between Sean Posner’s Grafton Street Capital, Capital Development Group International and Halstatt Real Estate Partners. The south building consists of three units and is expected to be completed as early as next week.

Property records show Bernstein paid $6.9 million for townhome U-1 at the development. Bernstein’s SBA Communications, based in Boca Raton, owns and operates wireless infrastructure in North America and Latin America.

Townhome U-2 sold for $6.6 million to Joel Zychick, who acted as a trustee of the Stuart Siegel irrevocable trust.

Bill Hennessy of the Posner Group said the partners bought the land in 2015 for about $11 million. The property spans a little more than an acre and features 201 feet of ocean frontage. The development team broke ground on the project in 2016.

“Highland Beach zoning for multifamily is very rare and probably not available right now,” Hennessy said. “We thought there was an opportunity at that price point, because new single-family homes in the area are selling between $15 million to $20 million.”

The five-bedroom, six-bathroom, four-story townhomes each feature a pool, rooftop deck, high ceilings and two-car garages. Chris Leavitt and Ashley McIntosh of The Leavitt McIntosh Team at Douglas Elliman are handling sales for 3621 South Ocean. Prices begin at about $6 million.

Leavitt said he’s recently seen strong interest from buyers based in New York, and is planning a fourth showing for some of the remaining units.

Grafton was co-founded by Posner, the grandson of the late real estate mogul and former corporate raider Victor Posner, and his business partner Jed Resnick in 2014. Past projects in South Florida include at least three spec homes in Miami Beach, built in partnership with Todd Michael Glaser, one of which traded for about $30 million and another for $19.5 million.