Rockwood Capital, LLC, the private real estate investment firm, along with partners Duncan Hillsley Capital and Fortune Capital Management Services, announced last Friday the acquisition of Everglades on the Bay, an 849-unit mixed-use condominium community located in downtown Miami. The new ownership acquired the development in a $141 million cash transaction. Rockwood’s involvement is on behalf of investors in one of its private equity funds.
Everglades on the Bay, which also includes 58,000 square feet of retail space, has now been recapitalized as a result of Chapter 11 reorganization. South Florida-based Duncan Hillsley Capital, which initiated the deal, and Fortune Capital Management Services are Everglades’ new managing partners. The original developer, Cabi Downtown, is transitioning the property to the new management and ownership.
The new owners’ initial focus will be on capital improvements, building operations, and sales and marketing. To date, approximately 184 of the 849 Everglades on the Bay residences have closed. The development has been completed and a re-launch is planned for January.
“We strongly believe that improving economic conditions, a shrinking supply of area condominium units and a resurgent downtown environment will lead to substantially accelerated sales at Everglades on the Bay,” says Rockwood Managing Director and Fund Manager Tyson Skillings. “We look forward to reintroducing this landmark development.”
Everglades on the Bay comprises two 49-story towers located on Biscayne Boulevard in downtown Miami’s burgeoning arts and entertainment district. Featuring magnificent views of Biscayne Bay and the city skyline, Everglades is directly across from Bayside Marketplace and a short walk from downtown office buildings, Museum Park, American Airlines Arena, Adrienne Arsht Center for the Performing Arts and area colleges and universities. The property includes 100,000 square feet of amenities highlighted by an eighth floor deck with three tropical swimming pools, lap pool and a four-story health club with a state-of-the-art fitness center, spa, theater, business center, private residence lounge with billiard room and multi-functional party room for entertaining. The property also has valet and 24-hour security.
Prices range from the low $200,000s to million-dollar plus penthouses.
“Everglades on the Bay is ideally situated in the heart of one of the world’s most vibrant cities,” says Tom Duncan, President of Duncan Hillsley Capital. “Its competitive pricing and diversity of product will allow us to capitalize on the resurgent condominium market.”