Prestige Companies bought back a Dania Beach apartment property it sold two years ago.
The Miami Lakes-based firm, in partnership with MV Real Estate Holdings, reacquired Atlantica at 624 Northeast Second Street for $27.3 million, according to a news release.
Prestige, led by Marty Caparros Jr., sold the 124-unit garden-style community to Aventura-based S2 Development for $36.7 million in 2024. That deal broke down to $296,370 per unit. S2, headed by J. Claudio Stivelman, bought a 99-ground lease and obtained a $30 million mortgage from Kawa Capital, with plans to convert the apartments into for-sale residences, The Real Deal previously reported.
According to county records, S2 only sold six units.
Prestige and MV reacquired the remaining 118 residences through a deed in lieu of foreclosure, records show. The deal worked out to $231,355 per unit. CRE Lendco, part of Hallandale Beach-based Kawa Capital, provided the buyer with a $22.1 million mortgage. Prestige will operate the units as workforce-housing rentals, said Alexander Ruiz, the firm’s chief financial officer.
The complex comprises six three-story buildings spanning a nearly 5-acre site near the Dania beach Pier and Fort Lauderdale-Hollywood International Airport. It includes one and two-bedrooms residences, as well as a pool, clubhouse, fitness center, dog park and 237 parking spaces.
Units range from 700 to 1,160 square feet with rents priced between $1,995 and $3,500 per month, according to Zillow.
Prestige started construction on the complex in 2022, a year after entering into a lease agreement with the entity that owns the land under the site, according to previous TRD reporting. Shifting financing conditions and housing-market economics paved the way for the developer’s reacquisition, the release said.
Prestige Companies is one of Florida’s largest builders, according to its website. Its portfolio exceeds $1.2 billion and includes 15,000 residential units, 200,000 square feet of commercial space and 1,000 acres of land, the website shows. Notable projects include The Trail Lofts in Miami and Flamingo Village and Amelia District in Hialeah.
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