Damac Properties Acquires Surfside Condo On Collins Avenue For $120M

Dubai-based DAMAC Properties, led by billionaire developer Hussain Sajwani, has been revealed as the stalking horse bidder of the site of the former Champlain Towers South in Surfside, located at 8777 Collins Avenue. The tragic collapse of the tower in June of this year has led to a subsequent sale of the property. The asset involved in the transaction is a condominium unit.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $120,000,000
• Date: 09/24/2021
• Market: Surfside
• Buyer: Damac Properties - Hussain Sajwani
• Brokers: Jeff Cohen & Vivian Dimond - Brown Harris Stevens

DAMAC Properties, represented by billionaire developer Hussain Sajwani, emerged as the successful bidder for the former Champlain Towers South property. The Dubai-based company's acquisition of this high-profile site demonstrates their strategic investment approach. Assisting the buyer in the transaction were brokers Jeff Cohen and Vivian Dimond from Brown Harris Stevens.