Nahla Capital has selected Compass to lead the sales and marketing for the Raleigh Rosewood Residences, a planned luxury condominium and hotel project in Miami Beach. Nahla Capital, a private equity firm based in New York and led by Genghis Hadi, acquired the three-acre oceanfront site last October for $270 million. The property includes the historic Raleigh hotel at 1775, 1757, and 1751 Collins Avenue. Developer Michael Shvo and his partners have exited the project, which was previously marketed by One Sotheby’s International Realty.
The new sales team from Compass consists of agents Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena, and Liz Hogan. Morgan Ball, senior managing director of Florida for Compass’ development marketing division, along with Kastanis, played key roles in securing this deal beginning last year.
Kastanis commented on the strategy going forward: “The brokerage community becomes your buyer,” he said. “One thing that will have changed is the sales approach. As much as it will be private and exclusive, it’s going to be approachable.”
The developer has not yet announced a sales director or timeline for relaunching sales. Ball noted Compass’ prior relationship with Nahla Capital: Compass also handled sales for Nahla’s Rosewood Residences Beverly Hills.
Compass reportedly secured the exclusive over other firms such as Douglas Elliman and Corcoran Group.
The development is located on what developers call “Billionaires’ Beach,” an area that features other high-end projects like the Shore Club Private Collection and Auberge-branded condo and hotel at 1901 Collins Avenue developed by Witkoff and Monroe Capital. A penthouse at the Shore Club is reportedly under contract for more than $120 million—over $11,000 per square foot.
The Raleigh hotel is recognized as an Art Deco landmark designed by L. Murray Dixon. Under previous ownership by Shvo, original buildings were gutted after approval was obtained for a new 17-story luxury condo tower on the beachfront site. Plans include 44 luxury condos, a private members’ club, and a hotel component designed by Peter Marino with Kobi Karp Architecture & Interior Design.
In January this year, Nahla filed a lawsuit against the seller concerning issues related to Marino’s designs.
Earlier phases of sales involved Official—the former Side-backed firm co-founded by Oren and Tal Alexander—before allegations of rape and sexual assault surfaced against them. After these reports became public, One Sotheby’s took over sales when Anna Sherrill returned from Official.
