SUNNY ISLES BEACH, FL-Two Chicago-based companies, the Feurer Cos. and Jos. Cacciatore & Co., have jointly acquired the 16-story East building of the three-building Ocean View Apartments complex at 19370 Collins Ave. for in excess of $100 million, or just over $251,256 a unit. Plans call for conversion of the 398-unit building into for-sale condos at selling prices beginning in the high $250,000s. The seller was Miami-based Crescent Heights, which has already converted the other two buildings in the complex to condos.
Cacciatore is the financial partner in the project, and Feurer will run day-to-day operations. Christopher Feurer tells GlobeSt.com this is the first time he and Cacciatore have partnered together, "although we've known each other for about 10 years. The property represented an excellent acquisition in today's fast-growing real estate market, and we capitalized on the opportunity to own a building in a prime location." He says the partnership is "actively looking" at additional opportunities in Florida.
The building, which faces the ocean, will be renamed Ocean Reserve Sunny Isles Beach. "Because of the price point," Phil Cacciatore, a principal, says, "this building offers real versatility to buyers, facilitating both ease of ownership as well as tremendous investment potential."
It was constructed in 1973. In 2001 it was renovated to include new glass balconies, a new roof, and all new electric, air conditioning and mechanical systems. The new owner is upgrading the lobby, amenity areas, vestibules on each floor and elevator cabs. Existing tenants will be notified of the conversion on Oct. 20. Hollywood-based Kirschner Realty International is handling sales and marketing.
There are five different floor plans, measuring from 1,000 sf to 2,500 sf, and ranging from one-bedroom, one-bath to three-bedroom, three-bath layouts. The JV has hired EHK Interiors to create model rooms of five different layouts, which will be sold fully furnished. There are eight commercial spaces on the ground floor, leased to tenants, including a dry cleaner, beauty salon and convenience store that serve the building. The amenities, including a pool, fitness center and business center.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.