The sale marks the first purchase in South Florida for Yair Levy, a New York-based investor and developer who has proactively diversified his portfolio of holdings after a contentious legal battle resulted in a ban from selling residential condominiums and co-ops in New York State in 2011.

The company will announce its plans for development at a future date.

The offering was oversubscribed by institutional investors from around the world.

Home building professionals at last week's PCBC 2018 heard from Joyce Mihalik, Forest City Realty Trust, and Renee Loveland, Gerding Edlen, in a session, Reducing Friction for Green Multifamily Buildings.