Jose Canero Of Canero Group Acquires 25 Units At Chateau Grove In Coconut Grove For $17.3M

The asset involved in this transaction is a condo complex situated at 3265 Virginia Street in Miami. The property spans 0.9 acres and consists of 25 units, built in 1963, with a total sale price of $17,300,000, resulting in a price per unit of $692,000.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $17,300,000
• Address: 3265 Virginia Street
• Market: Miami
• Units: 25
• Price Per Unit: $692,000
• Lender: Rok Lending

The buyer, Jose Canero from Canero Group, has acquired all 25 units at Chateau Grove with plans for renting out the apartments and potential redevelopment of the site. The brokers representing the deal are Maria Patty Bolanos, Michael Axel Neree, and Raquel Rivas, all affiliated with The Canero Group. The financing for the acquisition was arranged through a loan of $12.5 million from Rok Lending, brokered internally by Canero Group, culminating in a transaction that took six months to complete despite challenges typical in condo buyouts.