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3501 Northwest 1st Avenue

Precious Achiuwa And Phil Handy Purchase Luxury Condos In Miami For $3,640,000
SOLDCondo

Precious Achiuwa And Phil Handy Purchase Luxury Condos In Miami For $3,640,000

3501 Northwest 1st Avenue

$3,640,000

Building Size

Asset Type

Condo

Closing

Jun 16, 2026

AI

The transaction involves a condo located at 3501 Northwest 1st Avenue, Units 1509 & 1209 in Miami, FL, with a price of $3,640,000. The property is part of Jean-Georges Miami Tropic Residences, a 49-story luxury condominium project designed by Arquitectonica, featuring interiors by Yabu Pushelberg. The development focuses on wellness and hospitality amenities, offering extensive spa recovery facilities, fitness options, and multi-level dining and lifestyle spaces.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $3,640,000
  • Buyer: Precious Achiuwa & Phil Handy
  • Seller: David Martin - Terra; Michael Simkins - Lion Development Group
  • Buyer’s Representative: Simon Mass & Justin D’Adamo - TCS Miami
  • Seller’s Representative: Ann Nortmann - Douglas Elliman
  • Date: 06/16/2026

NBA forward Precious Achiuwa and assistant coach Phil Handy acquired the units in a deal facilitated by their representatives Simon Mass and Justin D’Adamo from TCS Miami, while Ann Nortmann from Douglas Elliman represented the sellers, David Martin from Terra and Michael Simkins from Lion Development Group.

Players

Ann Nortmann

Douglas Elliman

Broker

$33.8M

vol

5 deals

Broker
David Martin

David Martin

Terra

Seller

$2.2B

vol

30 deals

Seller

Lexington Park Condo Market Snapshot

Boundary boundary · Condo · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.36%

Cash-on-Cash

-1.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93