Miami Condo Sales are heating up.
MIAMI, Nov 03, 2011 (BUSINESS WIRE) -- Gold Krown Financial ("GKF") has purchased the remaining unsold residential inventory of Midtown Miami, consisting of a 538-unit block of condominium and rental apartments. Midtown Miami is a unique urban, self-contained, mixed-use development located in the Uptown Wynwood District of the City of Miami, within close proximity to the Miami Design District, I-395, the Julia Tuttle Causeway to Miami Beach and Biscayne Blvd. The units are located in three separate apartment communities, including two condominium buildings and a rental apartment building. There are 62 condominium units in Midtown 2, 304 condominium units in Midtown 4 and 172 rental units in Midblock East. Approximately 94 percent of the units were rented at the time of acquisition.
"We are very excited to have acquired this project," said M. Ronald Krongold, managing partner of Gold Krown Financial. "We are looking forward to implementing our business plan and adding value for existing residents." Krongold continued, "My partners in this transaction, Gary Goldbloom, Sam and Harold Beznos and the Bush Financial Holdings, look forward to continuing to offer units for rent and we will evaluate condominium sales sometime in the future."
"Given all of the well-known capital markets issues over the past few months, we are thrilled to have closed this highly complex transaction in approximately 60 days, start to finish, and we look forward to expanding our presence in the greater Miami area," said Sam Beznos, principal of the Beztak Companies. The Beztak Companies are a fully integrated management, investment and development company with offices in Boca Raton, Florida and Farmington Hills, Michigan. Beztak has overseen and developed a real estate portfolio consisting of over 12,000 apartment units, over 2,400 housing lots, and almost 2 million square feet of retail and office centers. Krongold's Gold Krown development company has successfully partnered in a number of transactions with the principals of Beztak and Goldbloom entities.
From MSN Business through the desk of Edward E. Cambas, Lic. Real Estate Broker.
"We are very excited to have acquired this project," said M. Ronald Krongold, managing partner of Gold Krown Financial. "We are looking forward to implementing our business plan and adding value for existing residents." Krongold continued, "My partners in this transaction, Gary Goldbloom, Sam and Harold Beznos and the Bush Financial Holdings, look forward to continuing to offer units for rent and we will evaluate condominium sales sometime in the future."
"Given all of the well-known capital markets issues over the past few months, we are thrilled to have closed this highly complex transaction in approximately 60 days, start to finish, and we look forward to expanding our presence in the greater Miami area," said Sam Beznos, principal of the Beztak Companies. The Beztak Companies are a fully integrated management, investment and development company with offices in Boca Raton, Florida and Farmington Hills, Michigan. Beztak has overseen and developed a real estate portfolio consisting of over 12,000 apartment units, over 2,400 housing lots, and almost 2 million square feet of retail and office centers. Krongold's Gold Krown development company has successfully partnered in a number of transactions with the principals of Beztak and Goldbloom entities.
From MSN Business through the desk of Edward E. Cambas, Lic. Real Estate Broker.
thanks eddie
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