Date acquired: Sept, 2017
Location: 2925 Indian Creek Dr, Miami Beach, FL 33140
Features: 120 room condo property on Miami Beach sold to land developer in 2019
Dissolution of Fractured Condo Hotel
Purchased 71 of the units in 2018 for $17.2M in block purchase, with planned goal of turning property in to a Hotel.
Over next 12 months purchased ## more of the units in the building, and took over the condo association.
in 2019, as majority unit owner, disolved the “Condo Association” and began initial process for converting propety into a Miami Beach hotel.
in Late 2019, and large developer initiated discussion to purchase the property from SMS for a larger project. SMS sold the property for $21.3M aprox 18 months after initial purchase.
SMS initiated and oversaw the accumulation of 68 individual condo units at Alden property with business plan of completing condominium conversation in for hotel concept.
Accumulation of individual units was accomplished in 6 months and then the entire building was sold to U.S. Hotel developer.