4th Bulk Condo Deal Closes In Downtown Miami

A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.

A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom units, and a three-bedroom penthouse for a blended price of $196 per square foot on a deal that was recorded on June 23, according to Condo Vultures® research.

Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent Condo Vultures® report.

Carlos Mattos' 1060 Brickell Apartments LLC paid $203 per square foot 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®.

"This is the second bulk deal to close in the Greater Downtown Miami area in the last month," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "Once again, the buyer is a private equity group with roots and investments in South Florida."

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