BH Group and Mast Capital completed the purchase of all units at Bayshore Park, a condominium built in the 1960s in Coconut Grove, according to a Mar. 9 report. The joint venture paid an average of $985,714 for each of the last seven units, while previous sellers received an average of $661,843 per unit.
The completion of this buyout is significant as it reflects the increasing competitiveness in South Florida’s condo bulk purchase market. The remaining unit owners had purchased their condos in the early 2000s for about $100,000 each and held out for higher prices compared to earlier sellers.
Mast Capital began acquiring units at Bayshore Park in the mid-2010s, starting with a two-bedroom condo for $240,000. Over time, Mast acquired 16 units with prices ranging from $261,000 to $450,000. In May and June of last year, BH joined Mast to acquire a total of 32 units—including those already owned by Mast—for $21.1 million. The partnership financed these acquisitions with a $28 million loan from BridgeInvest arranged by Scott Wadler and Mitch Sinberg with Berkadia.
The developers plan to terminate the current condo association and redevelop the site into a luxury condominium building. The property is located across from Monty’s Coconut Grove restaurant and the marina. Isaac Toledano said BH and Mast “hope to announce our proposed project later this year.”
Condo buyouts have become more common across South Florida following increased scrutiny on older buildings after the Surfside condo collapse in 2021. This month also saw Canero Group and 8K Capital acquire most units at Virginia Pointe Condominium—a nearby complex built in 1966—for $27.7 million.
Looking ahead, BH is seeking to buy out all owners at Mutiny, a 170-unit condo-hotel in Coconut Grove. In January, BH sent letters offering a total of $160 million for that bulk purchase.
