Related Group And BH Group Acquire Condo Development Site At Diplomat Beach Resort For $30M

Miami's Related Group and BH Group have acquired a condo development site at Hollywood's Diplomat Beach Resort for a sale price of $30 million. The property, located at 3451 South Ocean Drive, is a 3.5-acre development site. The plans for the site include a 37-story tower with 350 condos and amenities. Additionally, the buyers have another property at the resort under contract for a 42-story hotel.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $30,000,000
• Address: 3451 South Ocean Drive
• Market: Hollywood
• Acres: 3.5

The buyers of the property are Miami's Related Group, represented by Jorge, Jon Paul, and Nick Pérez, and BH Group, represented by Isaac and Liat Toledano. On the seller's side, Trinity Real Estate Investments and Credit Suisse Asset Management were involved in the deal. The brokers facilitating the transaction were Jaret Turkell and Omar Morales from Berkadia.