A Philly developer and his wife paid $5.5 million for a townhouse in Miami Beach’s South of Fifth neighborhood, according to sources.
Bart Blatstein, founder and CEO of Philadelphia-based Tower Investments, and Jil Blatstein bought a nearly 2,500-square-foot, three-bedroom, three-and-a-half bathroom unit at the Continuum South Beach, the sources said. The luxury complex is at 50 and 100 South Pointe Drive.
The seller is an entity with ties to RS Group Aps, an investment group based in Hørsholm, Denmark, according to filings with the Securities and Exchange Commission. RS Group Housing paid $5 million for the townhome in 2016, records show.
Matthew Wilkens of One Sotheby’s International Realty represented the Blatsteins. Olivia Seovac of Douglas Elliman represented the seller.
Founded in 1978, Blatstein’s Tower Investments has developed more than 1 million square feet of retail, entertainment, residential and mixed-use properties in the Northeast, according to the firm’s website. Tower developed Atlantic City’s Showboat Convention Hotel, the largest non-casino hospitality property in New Jersey, published reports state.
In April, Tower announced it would begin construction of an entertainment component to the Showboat that will have a 100,000-square-foot arcade and a 25,000-square-foot sports bar with a boxing ring.
Completed in 2003 by New York developer Bruce Eichner, the Continuum South Beach is a complex with two high-rise towers and 21 townhouses. In April, Eichner sold his seven-bedroom penthouse at the Continuum for $35 million, more than two years after it was listed for $48 million.
In June, Karen Bechtel and her husband, William McKinley Osborne III, both of whom are former Morgan Stanley executives, sold three combined units on the 36th floor for $30 million.
Last month, tech entrepreneur Hari Ravichandran snatched up a 35th floor unit in the 40-story south tower for $8 million.