A private equity firm completed a deal to acquire a troubled condominium project in downtown Miami this week, paying $141 million for the 849-unit Everglades on the Bay.
Rockwood Capital, in New York, partnered with Duncan Hillsley Capital and Coral Gables-based Fortune Capital Management Services to acquire the twin towers, which fell into default last year.
Rockwood bought the project at auction last month, paying about $191 per square foot for a building that includes 58,000 square feet of retail space. The building has sold 184 of 849 residential units since it opened about two years ago.
“We strongly believe that improving economic conditions, a shrinking supply of area condominium units and a resurgent downtown environment will lead to substantially accelerated sales at Everglades on the Bay,'” said Tyson Skillings, Rockwood’s managing director, in a statement. “We look forward to reintroducing this landmark development.”
The new owners plan to relaunch the building in January, and prices range from the low $200,000s to more than $1 million.
Read more: http://www.miamiherald.com/2010/11/27/1944771/private-equity-firm-closes-on.html/