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

Price breaks down to $225K per condo

Miami /
Jan.January 24, 2022 03:30 PM
Delray Beach condo project sells for $14M in bulk sale

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.

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. 


    Related Articles

    arrow_forward_ios
    Worth Capital’s Charles “Rusty” Holzer and 13501 South Shore Boulevard in Wellington (Getty, Google Maps)
    Wellington real estate investor pays $16M for shopping center in own backyard
    Wellington real estate investor pays $16M for shopping center in own backyard
    LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
    Industrial play: Alliance HP trades one West Palm complex for another
    Industrial play: Alliance HP trades one West Palm complex for another
    Black Lion Investments' Robert Rivani and the Ritz-Carlton Residences at 4701 North Meridian Avenue in Miami Beach (Ritz-Carlton Residences, Black Lion Investments)
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Black Lion’s den: Robert Rivani pays $8M for waterfront Miami Beach penthouse
    Paul Saunders with 2700 North Ocean Drive (LinkedIn, Redfin)
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    Hedge funder Paul Saunders, wife sell Riviera Beach condo
    The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Ivana Trump’s former Palm Beach mansion sells for $73M
    From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
    Yamato Office Center in Boca Raton trades for $46M
    Yamato Office Center in Boca Raton trades for $46M
    An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging)
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton
    151 Chilean Avenue in Palm Beach (Realtor.com, iStock)
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...