Prestige Companies recently announced that a residential complex in Dania Beach, Florida, changed hands for US$27.3 million in a 'deed-in-lieu-of-foreclosure' transaction. This amount is almost US$10 million below the property's previous sale price. Prestige Companies and MV Real Estate Holdings are the new owners of Atlantica at Dania Beach, located at 624 Northeast Second Street.
The project comprises 124 one- or two-bedroom condominium units. Prestige Companies acquired 118 of these units. Notably, Prestige was already the original developer of Atlantica at Dania Beach, making this acquisition a kind of 'boomerang deal'.
Property history and repositioning
Atlantica at Dania Beach was completed as a rental property in 2024. Prestige originally sold the project to S2 Dania Property for US$36.75 million. The then owner took out a loan of US$30 million and planned to convert the 124 rental units into condominiums. However, S2 Dania Property only managed to sell six of these units.
Prestige Companies recognised an opportunity in this situation to reacquire its former asset at a discounted price. Alexander Ruiz, Chief Operating Officer of Prestige Companies, commented on the transaction: 'We have always believed in Atlantica, its long-term value, and the strength of the product type.' According to Apartments.com, rents for the units range from US$1,995 to US$3,500 per month. A sales listing earlier this year indicated a unit priced at US$756,000 with monthly homeowners' association fees of US$856.
Residential complex details
- —Address: 624 Northeast Second Street, Dania Beach, Florida
- —Number of units: 124, 118 of which were acquired by Prestige Companies
- —Unit types: One- and two-bedroom apartments
- —Rental prices: US$1,995 to US$3,500 per month
