News
2017
West Miami apartment complex sells for $59M before leasing to tenants
10/23/2017 | Brian Bandell – Senior Reporter, South Florida Business Journal
The new Soleste West Gables II apartment complex was sold for $59 million, with the deal closing so soon after its completion that it hadn't even started leasing.
The co-developers Estate Investments Group (EIG), Fortune Capital Partners and Mattoni Group sold the 221-unit complex at 2001 Ludlam Road in West Miami to Chicago-based Waterfont. It will be renamed District West Gables II.
Read MoreDeveloper Sells 3rd Rental building In West Miami since 2016
10/22/2017 | Mike Seemuth – The Miami Herald
A developer got $59 million for selling its third new apartment building in West Miami since the summer of 2016.
Miami-based Estate Investment Group (EIG), led by founder and principal Robert Suris, sold the 221-unit Soleste West Gables II for about $267,000 per unit. The sellers included EIG partners Fortune Capital Partners and Mattoni Group.
Read MoreDenver firm picks up new West Miami apartments for record $61M
06/08/2017 | Katherine Kallergis –The Real Deal
A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami.
Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building.
Read MoreYear-old apartment complex in Miami-Dade sells for $61M
06/08/2017 | Brian Bandell – Senior Reporter, South Florida Business Journal
The Soleste Club Prado, an apartment complex completed a year ago in West Miami, sold for $61 million.
Gables Prado LLC, a joint venture between Estate Investment Group, Mattoni Group and Fortune Capital Partners, sold the 196-unit complex at 950 Red Road to Grand Peaks, a national multifamily investor based in Denver.
Read MoreBankruptcy judge approves $47M bid for Publix-anchored shopping center
05/11/2017 | Brian Bandell – Senior Reporter, South Florida Business Journal
U.S. Bankruptcy Judge Erik P. Kimball approved on May 10 the $47.3 million winning bid for the Publix-anchored Fountains of Boynton shopping center west of Boynton Beach.
DRA Fund IX LLC, an affiliate of DRA Advisors, submitted the bid during the May 3 auction. Fortune Capital Partners was approved as the backup bidder at $47.2 million.
Read More2016
Chicago investor picks up new West Miami apartments: $57M
08/02/2016 |Katherine Kallergis – The Real Deal
A Chicago-based investment and property management firm bought a newly completed apartment development in West Miami for $57.4 million.
Waterton paid about $279,000 per unit for Soleste West Gables, the company announced on Monday. Estate Investments Group, Fortune Capital Partners and Mattoni Group were the sellers.
Read MoreRecently built apartment complex sold to investor
08/02/2016 | Brian Bandell – Senior Reporter, South Florida Business Journal
The recently completed Soleste West Gables mid-rise apartment complex in West Miami was sold to a Chicago-based investor for $57.4 million.
Gables Gate Tower, a partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group, sold the 206-unit building at 2101 S.W. 67th Ave. (Ludlam Road) to Chicago-based Waterton. The apartments started leasing on the 2.1-acre site in September 2015.
Read MoreDeveloper borrows $38M for West Miami apartment tower
02/02/2016 |Katherine Kallergis – The Real Deal
An LLC tied to a partnership among local developers has closed on a $37.8 million construction loan for a multifamily project in West Miami.
Miami-Dade County records show the mortgage covers the development site of Soleste West Gables 2, which is slated to open in 2017.
Read More2015
Fortune pays $17M for half of troubled Miami condo conversion
12/29/2015 |Sean Stewart-Muniz – The Real Deal
Fortune Capital Partners just bought a 135-unit condo portfolio near the Miami Executive Airport for $17.5 million….
An LLC tied to a partnership among local developers has closed on a $37.8 million construction loan for a multifamily project in West Miami.
Read MoreFortune Capital Partners buys 135 condominium units from RAIT Financial Trust
12/29/2015 | CIJ Florida
Fortune Capital Partners has completed the acquisition of a 135-unit condo portfolio near the Miami Executive Airport for $17.5 million. The deal includes over half of the units in the Vista Lago condominiums which had been converted into condominiums after having been an apartment community, but sales apparently fell off in 2009. The Philadelphia-based RAIT Financial Trust bought the units in 2010 and had been renting out the units.
Read MoreBulk condo deal sees 135 units trade for $17.5M
12/28/2015 | Brian Bandell – Senior Reporter, South Florida Business Journal
Coral Gables-based company bought 135 units in the fractured Vista Lago at the Hammocks Condominium in West Kendall for $17.54 million.
Vista Lago Condos LLC, an affiliate of Philadelphia-based RAIT Partnership, sold the condos in 16 buildings at 15680 S.W. 106th Lane to FCP Vista Lago LLC, managed by Miguel Poyastro of Coral Gables-based Fortune Capital Management.
Read MoreFortune Capital buys 141 units in fractured Sunrise condo community
12/02/2015 | Brian Bandell – Senior Reporter, South Florida Business Journal
An affiliate of Fortune Capital Management Services acquired 141 units in the Isles at Lago Mar fractured condominium community in Surnise for $17.13 million.
The 367-unit garden-style complex was converted from apartments to condos in 2006, but the recession scuttled its sales and Corus Bank, which later failed, moved to foreclose on it. Its loan was later sold to investors.
Read MoreStoltz picks up Vizcayne retail site for $27M
05/07/2015 | Katherine Kallergis – The Real Deal
A company tied to national real estate company Stoltz Management Company paid $27.2 million for retail space at Vizcayne, formerly known as Everglades on….
Read More2014
252 units in Marquesa Apartments sell for $38.5M
12/29/2014 | The Real Deal
Coral Gables-based FCP Marquesa bought 252 condominium units at the garden-style Marquesa Apartments for $38.5 million, according to a published report. The purchaser of….
Read MoreApartments near Pembroke Lakes Mall sold for $36M
12/29/2014 |Brian Bandell – Senior Reporter, South Florida Business Journal
A Coral Gables-based company paid $35.8 million for more than half of the units in the Marquesa Apartments near the Pembroke Lakes Mall.
FCP Marquesa, an affiliate of MError! Hyperlink reference not valid.iguel Poyastro's Fortune Capital Management Services, paid $142,063 per unit for the 252 garden-style apartments.
Read MoreGables Prado complex to break ground
11/12/2014 | The Real Deal
The Gables Prado apartment complex is about to break ground in West Miami. The project, a joint venture between Estate Investments Group, Mattoni Group….
Read MoreTD Bank funds $20M to build Doral apartments
04/01/2014 |Brian Bandell – Senior Reporter, South Florida Business Journal
TD Bank provided a $20.2 million construction mortgage for the Gran Vista Doral Gardens apartment project.
The loan went to Doral Apartment Partners, which is managed by Miguel Poyastro. According to the website of ACGG Development Group, the project at 4190 N.W. 79th Ave. will feature 148 units and six stories.
Read More2010
Venetian Parc sells for 70% below mortgage
10/05/2010 |Brian Bandell –South Florida Business Journal
The Venetian Parc residential project in southern Miami-Dade County was sold for 70 percent less than its mortgage, which was in foreclosure.
In September 2009, FirstBank Puerto Rico filed a $39.4 million foreclosure lawsuit and Quantum Ventures, along with managing members Agustin Herran and Oscar Barbara. It targeted a 116-acre site west of Zoo Miami, formerly called Miami Metrozoo, along Southwest 176th Street.
Read More2004
Developers target apartments for less expensive condos
11/22/2004 |Susan Stabley – South Florida Business Journal
Conversions of older and cheaper apartment complexes into condos are feeding the growing appetite for inexpensive housing.
The trend is particularly prevalent in Miami-Dade and Broward counties and a welcome relief for buyers left out of the region's home ownership frenzy by soaring prices.
Read MoreDevelopers target apartments for less expensive condos
01/19/2004 |Paola Iuspa-Abbott– South Florida Business Journal
As prices of new construction and single-family resales keep rising, condominium conversions are one of the few avenues left for young professionals to become first-time homebuyers.
Last year was an unprecedented one for condo conversions, said Michael Stein, managing director of the Aztec Group in Coconut Grove. He brokered and helped with the financing of some deals for Grec and Sunvest.
Read More2002
Developers target apartments for less expensive condos
03/18/2002 |Stephen Van Drake – South Florida Business Journal
General Real Estate Corp. (GREC) has bought 396-unit Hialeah apartment community Park Village for $18.65 million, according to the company.
The five-building complex will be converted into condos after GREC spends $5 million for a facelift that will include repainting buildings and resurfacing common areas.
Read More