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Ian Bruce Eichner & Alexandra Eichner Acquire Mariners Bay Condominium In North Miami For $48.5M

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SOLD
$48,500,000

Florida

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Condo
Sold 11/03/2025
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SOLD

Ian Bruce Eichner & Alexandra Eichner Acquire Mariners Bay Condominium In North Miami For $48.5M

12000 North Bayshore Drive

See Similar Deals
Condo
Sold 11/03/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Condo
Transaction Type:Sale

The Mariners Bay Condominium located at 12000 North Bayshore Drive in North Miami is a 46-unit condo asset spanning 4.3 acres. The property was transacted with a sale price of $48,500,000, resulting in a per unit price of $1,054,348. The asset is set for redevelopment, featuring plans for a 22-story luxury tower with 267 units and designed by Kobi Karp Architects.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $48,500,000
  • Units: 46
  • PPU: $1,054,348
  • Market: North Miami
  • Buyer: Ian Bruce Eichner & Alexandra Eichner - Continuum Company
  • Redevelopment Plans: 22-story, 267-unit luxury tower
  • Parking Spaces: 422
  • Marina: Included
  • Sales Launch: Next year

Ian Bruce Eichner and Alexandra Eichner, representing Continuum Company, are behind the buyout of the Mariners Bay Condominium. The project is noted for its architectural design and plans aimed at enhancing the property's value and community offerings.

Players

Ian Bruce Eichner
Ian Bruce Eichner
7 deals$241M volume
BUYER
TC
The Continuum Company
BUYER

Details

SOLD
IMAGE: Ian Bruce Eichner & Alexandra Eichner DATE: 11/03/2025 ADDRESS: 12000 North Bayshore Drive MARKET: North Miami ASSET TYPE: Condo ~ ACRES: 4.3 BUYER: Ian Bruce Eichner & Alexandra Eichner - Continuum Company (@ContinuumCompany) SALE PRICE: $48,500,000 UNITS: 46 ~ PPU: $1,054,348 NOTE: Ian Bruce Eichner’s Continuum Company completed a $48.5M buyout of the 46-unit Mariners Bay Condominium at 12000 N. Bayshore Dr. in North Miami, with redevelopment plans for a 22-story, 267-unit luxury tower. The project, designed by Kobi Karp Architects, will include 422 parking spaces and a marina, with sales launching next year.

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$172,310.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$229,914.74
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