Mattos' newly created 1060 Brickell Apartments LLC paid nearly $6.1 million without financing for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures® LLC.

"We have reason to believe that 1060 Brickell has about 200 units under contract and/or closing as we speak," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "In the last week, 1060 has closed 58 units including the 31 from this bulk deal. It will be interesting to see what our second quarter closing rate report for new condos in Greater Downtown Miami will show."

Between 1961 and 2002, some 11,500 units were constructed in Greater Downtown Miami. Since 2003, nearly 23,000 units have been built or are still construction with the last units scheduled to be completed in early 2010, according to the Condo Vultures® Official Condo Buyers Guide to Miami™. At the end of the first quarter, developers were still in possession of about 10,000 of the 23,000 new units. 

Condo Vultures® is scheduled to release the second quarter Greater Downtown Miami condo closing rates for all 83 new projects in a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate-95 east to Biscayne Bay. To receive a copy of the report, please sign up for the Condo Vultures® Market Intelligence Report™.

This is third bulk deal to close in Greater Downtown Miami since July 2008 when an opportunity fund established by Miami developer Jorge Perez’s Related Group and Philadelphia private equity group Lubert-Adler Partners LP purchased 146 units in 50 Biscayne condominium tower in July for $246 per square foot, or $36.4 million.

In December 2008, a Singer Island, Fla.-based entity called Welcome Bay Inc. paid $200 per square foot for 60 units in the Marina Blue condominium tower located across the street from the American Airlines Arena.

Another three other condo bulk deals have closed throughout coastal South Florida.

In January, a South Florida private equity fund called HH Condominium Investments LLC, with Thomas F. Daly as president paid $277 per square foot for 101 units in the Related Group’s Harbour House oceanfront condominium conversion in wealthy enclave of Bal Harbour, Fla. The total purchase price was $27 million for an average of $268,000 per unit in the 16-story, Y-shaped tower.

A Pennsylvania businessman paid $165 per square foot, or $5 million, for 26 units in the new  Edge condominium in West Palm Beach.

The highest closing price in the tower was $475 per square foot in 2007, meaning the buyer, Ed Dunlap, chairman of the Canonsburg, Pa.-based roofing company CentiMark, purchased the units at a 65 percent discount off the market peak.

In February, a European bulk buyer purchased 141 units in the troubled Whitney condominium for $24 million, or $144 per square foot, for the remaining inventory in a project that had an existing loan amount of $43.9 million, or $264 per square foot.

ABG Sundall Collier, a publicly traded Scandanavian investment firm based in Oslo, Norway, was the buyer.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™. This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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