Artech condo makes $7.5M bulk deal - Minneapolis / St. Paul Business Journal:

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million for 15 condp units at the Artech Residences at The buyers paid or $324 a square foot, for each unit on June 4, according to Miami-Dade County records. Even with the bulk buy, only 41 of the condoas 235 units havebeen sold. Prior to the bulk purchase, the average price of the units was according to research byBal Harbor-based . The bulk average unit price was 32 percenf lessthan that, but, “in a markey like this, I’d say $500,00 0 per unit is high,” Condo Vulture principal Peter Zalewski said.
Adam the managing director of Miami-based , agreed that whilew the developer got agood deal, it wasn’t as good for the If the buyers plan to rent out the they paid too much, he However, he added that they mighr have been impressed with the which include an infinitt pool, fitness center and spa, and conciergd service. The investors did not record a mortgagein Miami-Dadde County to finance the deal, so it is likely they paid Artech was developed by the partnershio of and Shefaor Development. Shefaor Presideng and CEO Gilbert Benhamou said the bulk buyer plans to use some unite as second homes and othersaas rentals.
They were given a discount on Artech’s normapl price because they boughtin bulk, he Artech started closing units at betweenm $600 and $700 a square but has closed most of them at abouyt $400 a square foot since the credi crunch made it difficult for buyers to get Benhamou said. “We are touching the bottom and thingd can only get better from now he said. The entities that bought the 15 unitss inArtech are: Bayview U.S. Giga Apartments, Golden Federal and In state records, they all have their address at9130 S. Dadelanrd Blvd., Suite 1600, in Miami. Cesar of Buenos Aires, Argentina, is listexd as a manager for allfour companies.
Threed of those companies also have Zulema De Daniel Halpern andMark I. Glanz, all of Buenod Aires, as managers. Fortune International President Edgardio Defortuna isfrom Argentina. This isn’t the firstf bulk buy at Artech. In a companu managed by four executivesof Artech’ws construction lender, Chicago-based , bought four unita for a combined $5.5 million – a pricw that many real estate expertsd said was high. Several monthx later, Corus (NASDAQ: CORS) was hit with severa shareholder class action lawsuits that questioned whetherf that transaction caused a material misstatemenft or omission on itsfinancial statements.
Corus, whicy made a $130 million mortgage to Artech’se developer, reported that only $49 million of its Soutgh Florida condo loans were performing outof $955 millio in condo loans here as of March 31. Benhamou said the developers are working closely with Corus to achieve the highesft price per square foot possibleat Artech. Once they sell a few more they will have approvalfor -backe d loans.