Miami-Dade County's next most expensive apartment complex deal was the $52.25 million transfer of Residences at Merrick Park in Coral Gables. In that deal, TIAA-CREF took title to the complex Aug. 1 by assuming the sublease for the underlying land and ownership of the 120-unit apartment complex.
In the hotel sector, expensive sales have been rare this year despite the strong performance of South Florida hotels and surging demand from investors, particularly for properties in Miami Beach.
The $100 million sale of the former Gansevoort Hotel in Miami Beach, which included a $200 million mortgage assumption, led the market. Starwood Capital Group, the LeFrak Organization and Invesco plan to reposition the hotel as The Perry South Beach.
Other hotels near The Crown site include the Courtyard property, Fontainebleau Miami Beach and the Eden Roc Renaissance Miami Beach.
The success of the South Beach hospitality market is driving activity further north on Collins Avenue, as evidenced by the Crown transaction, according to Tachmes.
"The hotel market in South Beach is very dense right now," he said. "There are high prices and obviously a lack of available land. We have started to see a move north; that's a natural progression."