Canero Flips Coconut Grove Condo to El-Ad National

Jose Canero completed a bulk purchase of an entire condo complex in Coconut Grove, and just flipped the property for a 160 percent increase, or 2.6 times what he paid.

Boca Raton-based El-Ad National Properties paid $45.5 million for the 25-unit, 20,500-square-foot building at 3265 Virginia Street in Miami, according to a press release. The site is in the heart of Coconut Grove, just north of CocoWalk, where luxury condo development is booming.

Canero’s firm, the Canero Group, paid $17.3 million for the building, called Chateau Grove, a year ago. He operated the condo building as apartment rentals. A 677-square-foot, two-bedroom apartment is listed for $3,500 a month, according to Zillow.

The 0.9-acre property is zoned T4-L, which generally allows for a three-story building but could also be redeveloped under the state’s Live Local Act into something taller.

The property marks the first for El-Ad in Coconut Grove. The firm, led by CEO Matthew Jeffries, eventually plans to redevelop the site but hasn’t finalized plans, according to the release.

Berkadia’s Omar Morales represented the seller in the latest sale.

Canero isn’t going far. In March, the Miami-based firm teamed up with 8K Capital to acquire the majority of units at the 66-unit Virginia Pointe Condominium at 3245 Virginia Street, next door to Chateau Grove. The partnership paid nearly $28 million for the bulk deal. At the time, Canero said the joint venture does not have any immediate plans to redevelop the site and will convert the property into rentals.

Also in March, BH Group and Mast Capital completed the bulk purchase of a 1960s Coconut Grove condominium called Bayshore Park. The two firms paid nearly $7 million for the remaining seven units, shelling out a total of $28 million to take complete ownership of the 39-unit building at 2545 South Bayshore Drive.

Recently completed luxury condo projects in the Grove include Terra’s Mr. C Residences and Arbor Coconut Grove. Over the past decade, Terra also completed Grove at Grand Bay and, with Related Group, the Park Grove towers.

El-Ad’s projects in South Florida include Alina Residences Boca Raton. The developer recently announced it sold units totaling more than $60 million this winter-spring season, including three penthouses. The three, nine-story building development was completed in phases, with the third and final phase securing its temporary certificate of occupancy in early 2025. The firm also plans condo projects in North Bay Village.