Grove Palms I & II
C-REV acquired these two buildings directly from the developer, both located in Coconut Grove, a vibrant district of Miami renowned for its proximity to the bay, as well as its restaurants, shops, bars, and entertainment venues. The prime location of Grove Palms made this acquisition especially attractive.
The developer had been operating these condominium-quality apartments as rental properties. Sensing an opportunity to purchase a large number of units at a bulk price, C-REV struck a deal and acquired both buildings. After the purchase, C-REV swiftly moved to legally convert the apartments into condominiums and implement upgrades to both the interiors and exteriors of the units.
Once the renovations and legal conversions were complete, C-REV began selling individual units. Within 30 days, all units were sold at a significantly higher per-unit price than the initial bulk purchase cost.
By employing a proven “condo conversion” strategy, C-REV was able to achieve substantial profit in a short period of time. Key to the success of this project was C-REV’s deep understanding of market dynamics and its ability to anticipate buyer and seller demands.
C-REV’s in-depth knowledge of market cycles and trends played a critical role in the decision-making process for this deal.
Grove Palms I (3052) – 20 units: Purchased in 2005 for $3,100,000; total sales after conversion: $4,375,000
Grove Palms II (3051) – 30 units: Purchased in 2005 for $3,450,000; total sales after conversion: $5,405,000
