Prestige Companies Back Dania Beach, Fla., Residential Complex at a Discount

A condominium community in Dania Beach, Fla., has traded for $27.3 million in a deed-in-lieu of foreclosure, which is nearly $10 million less than its previous sale price, buyer Prestige Companies said Thursday.

Prestige Companies and MV Real Estate Holdings are the new owners of Atlantica at Dania Beach at 624 Northeast Second Street. The project consists of 124 one- and two-bedroom condos. Prestige acquired 118 of those units.

Call it a boomerang deal: Prestige was the original developer of Atlantica at Dania Beach. The project was completed in 2024 as an apartment community, and Prestige sold the project to S2 Dania Property for $36.75 million. That owner took a $30 million loan and planned to convert the 124 rentals into condos.

However, S2 Dania Property sold only six of those units. Prestige Companies saw an opportunity to buy back its former asset at a discount.

“We’ve always been confident in Atlantica, its long-term value, and the strength of the product type,” Alexander Ruiz, chief operating officer of Prestige Companies, said in a statement.

The units rent for $1,995 to $3,500 a month, according to Apartments.com. A for-sale listing earlier this year showed a unit priced at $756,000, with $856 in monthly condo association fees.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.