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Michael Stern David Martin Gianluca Vacchi Buy Bay Garden Manor For $120M In Miami Beach

Property Image
SOLD
$120,000,000
David Martin
Michael Stern
DM

Florida

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Development Site
Sold 09/02/2025
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Property Image
SOLD

Michael Stern David Martin Gianluca Vacchi Buy Bay Garden Manor For $120M In Miami Beach

1250 West Avenue

See Similar Deals
Development Site
Sold 09/02/2025
David Martin
Michael Stern
DM
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

The asset involved in this transaction is a development site located at 1250 West Avenue in the Miami Beach market. The sale price for this property is $120,000,000, and it will be redeveloped into a waterfront condo tower featuring 125 units with a height of 330 feet.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $120,000,000
  • Buyer: Michael Stern - JDS Development Group; David Martin - Terra; Gianluca Vacchi - GV Development; RG Development
  • Seller: Jorge Betancourt - Bay Garden Manor
  • Broker: Dan Marinberg
  • Lender: Northwind Group

Michael Stern and David Martin acquired the property which includes Bay Garden Manor and Bikini Hostel with the intention of redeveloping the site. The partnership will dissolve the condo association within six months to proceed with the demolition of the 238-unit building, subsequent to obtaining necessary approvals for rezoning and redevelopment from the Miami Beach commission.

Players

DM
Dan Marinberg
1 deal$120M volume
BROKER
David Martin
David Martin
29 deals$2.2B volume
BUYER
Michael Stern
JDS Development Group
Michael Stern
18 deals$1.8B volume
BUYER
JDS Development Group
JDS Development Group
BUYER
Northwind Group
Northwind Group
LENDER

Details

SOLD
IMAGE: Michael Stern, David Martin & Gianluca Vacchi DATE: 09/02/2025 ADDRESS: 1250 West Avenue MARKET: Miami Beach ASSET TYPE: Development Site BUYER: Michael Stern - JDS Development Group (@JDSDevelopmentGroup); David Martin (@DavidMartinTerra) - Terra (@TerraGroupMiami); Gianluca Vacchi - GV Development; RG Development SELLER: Jorge Betancourt - Bay Garden Manor BROKER: Dan Marinberg LENDER: Northwind Group SALE PRICE: $120,000,000 NOTE: Michael Stern and David Martin bought Bay Garden Manor and Bikini Hostel in Miami Beach for about $120M, with financing from Northwind Group, to redevelop the site into a 330-foot, 125-unit waterfront condo tower. The Stern-led partnership, which includes GV Development and RG Development, will terminate the condo association within six months to demolish the 238-unit building, after securing Miami Beach commission approvals for rezoning and redevelopment.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$6,400,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$426,334.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$568,861.22
Annual Debt Service$6,826,334.65