MIAMI—It's a rare condo assemblage transaction. Miami Waterfront Ventures just acquired an 11-story condo tower sitting on about one acre on Biscayne Bay in Brickell's south end.

Miami Waterfront has plans to build a luxury multifamily project with expansive bay views. A division of the OKO Group, Miami Waterfront snapped up the condominium units at 175 Southeast 25th Road for just under $48 million.

CBRE's Gerard Yetming and Calum Weaver, along with Cary Cohen of Flagler Real Estate Services, negotiated with individual owners on behalf of the buyer on the bulk acquisition deal. OKO Group could not immediately be reached for comment.

“We were able to get every owner to agree to sell which is very nearly impossible to do,” says Yetming, a senior vice president at CBRE. “But the scarcity of waterfront product in Brickell, the incredible views from the site, and the fact that this building has much lower density than what is allowable, made this an excellent prospect for repositioning as a luxury project and worth the investment of time and energy.”    

OKO is planning to build on this last 150 feet of rare waterfront property a 48-story luxury condominium providing spectacular waterfront views.  This location is in the heart of the most hottest areas in Miami. The site is also set away from the Brickell traffic and yet with close access to the nearby highway.

“They have a global track record in real estate, working alongside many world-class architects, and bring with them considerable financial strength in the development marketplace.” This is OKO Group's third acquisition in Miami. The developers are also developing 2.8 acres of waterfront land between 26th Street and 26th Terrace in the Edgewater district.