Miami condo building sells for $44M

Miami condo building sells for $44M or average 135,800 / unit. A 324-unit Miami condo project that struggling lender iStar Financial took back from its developer earlier this year in a deed-in-lieu of foreclosure has been sold off-market for more than $44 million to Wood Partners and AREA Property Partners. The deed-in-lieu was valued at around $45 million for Terrazas River Park, which sits on a 2.15-acre site near E.G. Sewell Park on the Miami River.

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