BH Group and Mast Capital completed the purchase of all units at Bayshore Park, a condominium built in the 1960s in Coconut Grove, according to a Mar. 9 report. The joint venture paid an average of $985,714 for each of the last seven units, while previous purchases averaged $661,843 per unit.
The completion of this buyout highlights the increasing competitiveness in South Florida’s condo bulk purchase market. The developers now have full ownership of the 39-unit building at 2545 South Bayshore Drive after paying a total of $28 million.
Mast Capital, led by Camilo Miguel, and BH Group, led by Isaac and Liat Toledano, began acquiring units at Bayshore Park in the mid-2010s. Their first purchase was a two-bedroom condo for $240,000. Over several years, Mast acquired 16 units with prices ranging from $261,000 to $450,000. In May and June last year, BH joined Mast to acquire 32 units—including those already owned by Mast—for a combined $21.1 million using financing from BridgeInvest arranged by Scott Wadler and Mitch Sinberg with Berkadia.
The seven remaining unit owners had purchased their condos in the early 2000s for an average price of $100,000 each. The higher price paid for these final units reflects how challenging it can be to negotiate with multiple sellers who have different motivations and expectations.
The developers plan to terminate the condo association and redevelop the site into a luxury condominium building across from Monty’s Coconut Grove restaurant and marina. “[We] hope to announce our proposed project later this year,” Isaac Toledano said.
Condo buyouts are becoming more common in South Florida following increased scrutiny on older buildings after the Surfside condo collapse in 2021. This month also saw Canero Group and 8K Capital acquire most units at Virginia Pointe Condominium nearby for $27.7 million—an average of $470,000 per unit despite lower taxable values. BH is also pursuing a bulk buyout offer for all owners at Mutiny Condo-Hotel in Coconut Grove.
