Investment firm snaps up Delray Beach condo complex in $14M bulk purchase

Price breaks down to $225K per condo

Gabriel Ormachea (LinkedIn, Palm Beach County Property Appraiser’s Office)
Gabriel Ormachea (LinkedIn, Palm Beach County Property Appraiser’s Office)

UPDATED, Feb. 15, 11:30 a.m.: A Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million.

B & H Delray, a Delaware LLC managed by Eyal Levy, sold Fall Ridge of Delray condos at 1100 Southwest Fourth Avenue to Ocean Breeze Apartments LLC, an entity managed by Gabriel Ormachea, president of Grand Capital, the Fort Lauderdale-based real estate investment company, records show.

The price breaks down to $225,000 per condo, with each unit averaging 855 square feet. Ocean Breeze Apartments financed the purchase with an $8.8 million loan from Popular Bank, records show.

The condos were built in 1980, according to records. The buyer’s plans for the property are unclear. Grand Capital did not respond to requests for comment.

B & H Delray assembled the Fall Ridge of Delray condos in September 2013 in two separate deals, from Fall Ridge Unit Holdings LLC and Highland Land Company LLC, for $1.5 million and $1.7 million respectively, records show.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The sale underscores the continued strength of South Florida’s residential market. The number of home and condo sales in South Florida — including Delray Beach — of less than one million increased by about 25 percent from December 2020 to November 2021 when compared to the same period of the previous years. Even with sales increasing by a quarter, it was the category of home sales that showed the smallest increase — all other categories at least doubled in sales.

Bulk sales of condos have been on the rise, to be used as development sites, amid a dwindling supply of available land. Investors and developers are particularly interested in aging buildings in need of repair on densely zoned land.

A new 19-unit condo project, Ocean Delray, is expected to be completed in February. When it was approved in 2019, it was the first new condo project approved in over 30 years.

In April 2020, the CEO of Creston, an automation company that makes everything from smart lighting controls to audio and video technology, bought a Delray Beach condo at Ocean Delray $7.6 million. Only two condos remain unsold, according to the developer’s website.

Correction: An earlier version of this story misstated when Ocean Delray was completed.