BH Group Pays $84M for Aging Waterfront Rental Buildings Near Miami
Mast Capital and TPG Angelo Gordon sold the complex with 338 units
By Julia Echikson February 5, 2025 7:38 pm
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BH Group scooped up a waterfront multifamily complex in North Bay Village, Fla., for $83.5 million, Commercial Observer has learned.
The property, called Wake Biscayne Bay Apartments, features 338 rental units split between two aging buildings at 7525 East Treasure Drive and 1900 South Treasure Drive. Both buildings are on the eastern side of North Bay Village, an island enclave on Biscayne Bay between Miami and Miami Beach.
Treasures On The Bay II Condominium separates the two 10-story buildings, which sit on 2.3 and 1.4 acres, and were completed in 1962 and 1966.
BridgeInvest provided an acquisition loan, said a source familiar with the transaction, though the debt amount remains unclear. JLL (JLL) brokered the transaction. A representative for BH Group declined to comment.
The sellers are Miami-based developer Mast Capital and New York-based TPG Angelo Gordon. Representatives for Mast Capital and TPG Angelo Gordon did not immediately respond to requests for comment.
BH’s purchase is the latest shakeup at North Bay Village, which is seeing a rush of development as wealthy condo buyers seek waterfront properties.
Last year, Ian Bruce Eichner’s Continuum Company paid $75 million for the 4.4-acre Shuckers Waterfront Bar & Grill and Best Western on the Bay Inn & Marina, which it rebranded as the Palm Tree Club. Next door, the New York-based developer plans to build a 31-story, Continuum-branded condo tower with about 200 units.
High-profile developers Harry Mackelowe and Related Group have gotten into the action, too, spending about $50 million on aging, waterfront rental buildings, The Real Deal reported.
In 2022, North Bay Village officials approved a 7.3 million-square-foot, mixed-use development brought by the Ansin family, which owns the Sunbeam Television broadcasting company that’s based on the island.
Aventura-based BH Group, led by husband-and-wife duo Isaac and Liat Toledano, also has luxury condo projects on the exclusive Fisher Island, Aventura, and Pompano Beach, just to name a few.
Julia Echikson can be reached at jechikson@commercialobserver.com.
