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Related Group, Cousins complete 50 Biscayne sales
The Related Group and its partner, Atlanta-based Cousins Properties (NYSE: CUZ), have closed on the sale of the remaining 120 residential units at 50 Biscayne, a 54-story, 528-unit luxury condominium tower in Miami.
The buyer is a partnership of the Related Group and private equity firm Lubert-Adler Partners. The units were sold for $30.3 million. The sales end Cousins’ involvement in the tower’s residential units, but the Cousins/Related partnership continues to own seven commercial condominium units in the building.
Peter Zalewski, who tracks closing activity through his Condo Vultures Realty, said this is the second bulk buy at 50 Biscayne. An additional 26 units were purchased by 50 Biscayne Suites LLC – an entity whose ownership isn't clear.
Zalewski believes the bulk buying strategy is to rent the units to cover the maintenance and taxes, then sell them in about five years, when the market should be better.
Since delivering 50 Biscayne, the Cousins/Related partnership has closed the sale of the 528 residential units and six commercial units. Cousins’ share of the pretax profit on the project to date is estimated to be about $18 million before minority interest.
“Quality product tends to succeed even in difficult markets, and 50 Biscayne is a prime example of that. The building has weathered a turbulent South Florida condominium market and produced better-than-expected results,” Cousins Chairman and CEO Tom Bell said. “We thank Jorge Perez, Thomas Daly and the Related team for being a top-flight partner.”
Article from the South Florida Business Journal:
http://www.bizjournals.com/southflorida/stories/2008/08/04/daily8.html
The buyer is a partnership of the Related Group and private equity firm Lubert-Adler Partners. The units were sold for $30.3 million. The sales end Cousins’ involvement in the tower’s residential units, but the Cousins/Related partnership continues to own seven commercial condominium units in the building.
Peter Zalewski, who tracks closing activity through his Condo Vultures Realty, said this is the second bulk buy at 50 Biscayne. An additional 26 units were purchased by 50 Biscayne Suites LLC – an entity whose ownership isn't clear.
Zalewski believes the bulk buying strategy is to rent the units to cover the maintenance and taxes, then sell them in about five years, when the market should be better.
Since delivering 50 Biscayne, the Cousins/Related partnership has closed the sale of the 528 residential units and six commercial units. Cousins’ share of the pretax profit on the project to date is estimated to be about $18 million before minority interest.
“Quality product tends to succeed even in difficult markets, and 50 Biscayne is a prime example of that. The building has weathered a turbulent South Florida condominium market and produced better-than-expected results,” Cousins Chairman and CEO Tom Bell said. “We thank Jorge Perez, Thomas Daly and the Related team for being a top-flight partner.”
Article from the South Florida Business Journal:
http://www.bizjournals.com/southflorida/stories/2008/08/04/daily8.html
Views: 33
Replies to This Discussion
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Permalink Reply by Alex (MUL) on
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Antonios said:Here's a list of the units sold.
I counted the following:
18 x 3 Bedroom Corner Units
17 x 2 Bedroom East Facing Units
It would be nice to see a breakdown of how much these particular units were sold for. Thanks for posting that info! -
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Permalink Reply by Antonios on
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here's another version with total price spread over the total square footage and adjusted for floor level and Ocean/city view. I was working on this to have a good argument for contesting the property tax bill valuation but I don't think it will count for 2008 because the sale took place in June and property taxes take into consideration jan 1st 2008 estimated value
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TRG_estPrices.xls, 176 KB
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Antonios, Thanks for posting that info!
Those units sold dirt cheap. At those prices do you think they'll break even on renting them out? If so, that's good because maintenance will be covered until the market turns around. Rentals are strong now.
Are there any possibilities of getting the tax bill lowered?
-Alex -
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9/17 was the deadline for filing a petition to lower your tax bill. I heard that Broward county cut there assessments from the previous year by half automatically. In Miami you have to file a petition and go to a hearing with your argument as to why the value is incorrect. I filed a petition but haven't yet been notified of my hearing date. this block sale won't count for the 2008 bill but it could be used to contest the 2009.
Alex (MUL) said:Antonios, Thanks for posting that info!
Those units sold dirt cheap. At those prices do you think they'll break even on renting them out? If so, that's good because maintenance will be covered until the market turns around. Rentals are strong now.
Are there any possibilities of getting the tax bill lowered?
-Alex -
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Antonios,
I thought you should know there have been some sales of developer units. These do not show up on the MLS, but are in the tax rolls. Let me know if you want me to e-mail you a list of comparables for your knowledge. They seem to be selling just below the original pre-construction pricing.
-Alex (MUL) -
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