Related and Dezer Complete $131.8M Buyout of Aging Miami Beach Club in Sunny Isles
July 3, 2025
Related and Dezer Complete $131.8M Buyout of Aging Miami Beach Club in Sunny Isles
After more than a decade, Related Group, Dezer Development, and BH Group closed on a $131.8 million purchase of almost all units at the Miami Beach Club condo complex in Sunny Isles Beach.
Related and Dezer Lead Bulk Purchase of Miami Beach Club Units
The developers acquired 100 of the 108 units at 19051 Collins Avenue. Related Group owned the remaining eight units. The deal was brokered by Greg Greer and Joseph Paglino and was expected to close last year.
Since 2013, Related executives have acquired units through entities named after the property’s address. Some units came from investor Richard Meruelo or linked entities. For more on Related Group’s portfolio, visit Related Group’s official site.
Legal History Between Related, Dezer, and Miami Beach Club Association
Related has a long history of disputes with the Miami Beach Club condo association. In 2018, the association sued Related, Dezer, and Coastal Construction over alleged damage from construction of the neighboring Residences by Armani/Casa tower. The suit also accused developers of tactics to reduce Miami Beach Club’s marketability. The case was dismissed in 2022. Learn more about Miami Beach condo regulations.
Previous Buyout Strategy
Related and Dezer applied a similar strategy at the nearby Seashore Club property, purchasing all units to build the 60-story Residences by Armani/Casa tower, completed in 2019 and designed by César Pelli. Details about the tower are available on Residences by Armani/Casa.
Experience with Condo Buyouts
BH Group, experienced in condo buyouts, recently partnered with Mast Capital to acquire most units at Bayshore Park in Coconut Grove.
Trend Toward Redevelopment
Developers are increasingly targeting older waterfront condos for redevelopment. New Florida condo safety laws, enacted after the 2021 Surfside collapse, require stricter codes and reserve funding. For details, see Florida condo safety laws.
Ongoing Projects
Related is also partnering with Macklowe Properties to redevelop the Biscayne Sea Club co-op in North Bay Village into a luxury community.