Fortune pays $17M for half of troubled Miami condo conversion
Original condo converter sold 113 units before recession hit in 2009
December 29, 2015 10:30AMBy Sean Stewart-Muniz
The Vista Lago multifamily community in Miami
Fortune Capital Partners just bought a 135-unit condo portfolio near the Miami Executive Airport for $17.5 million.
Included in the sale were more than half of the units in the Vista Lago condo complex 10560 Southwest 156th Place. They were sold by the Philadelphia-based RAIT Financial Trust, which had been operating the condos as rentals since RAIT bought them for nearly $16.7 million in 2010.
This recent purchase was made through an affiliate company headed by Fortune’s asset management arm, Fortune Capital Management Services.
According to the firm’s website, Fortune specializes in converting condo communities — though recently it’s added ground-up development to its tool belt. One of its projects is the upcoming Gables Gate Tower apartment complex that’s under construction.
Miami-Dade County records show the Vista Lago complex used to be an apartment community before it was converted to condominiums in 2007. A Condo Vultures report says the converter, now-defunct BHI Developers, sold 113 units before the recession hit in 2009.
Source: The Real Deal