Florida & Gulf Coast + South Florida + Apartments | May 25, 2022

Two Roads Development has purchased Biscayne 21 in Miami, FL for $150 million.

Avison Young Closes $150M Bulk Condo Sale in Miami’s Edgewater Neighborhood

Avison Young has closed the $150-million sale of Biscayne 21, a waterfront development site spanning 3.5 acres at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami, FL.

The buyer, South FL-based Two Roads Development, plans to redevelop the existing 191-unit condo building into an ultra-luxury branded residential development.

John Crotty, Michael Fay, David Duckworth and Brian C. de la Fé of Avison Young negotiated the sale on behalf of the various unit owners.

“The Biscayne 21 sellers wanted to capitalize on the appreciation of their waterfront land value at a time when developers are maximizing development projects with water views,” said Crotty. “By arranging the sale in bulk as a collective group, we were able to negotiate for a multiple of more than three times what the sellers would have sold their individual units for on a one-off basis.”

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.