SOLDCondo
Sagar Desai's Activate Hospitality Acquires 33 Commercial Units From Michael Stern For $2.8M
6345 Collins Avenue
$2,800,000
Units
33
Asset Type
Condo
Closing
Aug 26, 2026
About this deal
AI
The transaction involved the sale of retail condo units located at 6345 Collins Avenue in Miami Beach, FL. The asset, valued at $2,800,000, comprises 33 commercial units, resulting in a price per unit of $84,848. This deal represents a significant acquisition for the buyer within the real estate market in Miami Beach.
Summary of transaction details:
- Property Type: Retail Condo
- Transaction Amount: $2,800,000
- Address: 6345 Collins Avenue
- Market: Miami Beach, FL
- Units: 33
- Price Per Unit: $84,848
- Buyer: Sagar Desai - Activate Hospitality
- Seller: Michael Stern - JDS Development Group
The deal saw Sagar Desai's company, Activate Hospitality, purchase the developer Michael Stern's stake in their joint venture, thereby increasing its control significantly over the Casablanca condo-hotel project. Activate now owns almost 150 of the total 350 units at the property and is continuing efforts to pursue a broader buyout of the Casablanca.
Players
Leonardtown Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $84.8K per unit across 33 units on a published $2.8M (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93