- Sereno at Bay Harbor
Sereno at Bay Harbor
Bay Harbor Islands, FL
13th Floor Investments, in partnership with Integra Investments and Wexford Capital, acquired a thirteen building multifamily asset located in Bay Harbor Islands, Florida, in December 2012. The asset contained a total of 189,264 square feet of land area and 117,000 square feet of net rentable space across 134 units. 13th Floor sold the inland parcels and constructed a 38-unit, 100% pre-sold, luxury waterfront condominium tower known as Sereno at Bay Harbor. The eight-story tower is ideally situated just a few steps away from the fashion Mecca, Bal Harbour. Sereno's residences range from 1,000 to 2,200 square feet with every unit coming with unobstructed bay views, spacious balconies, private elevator, top of the line design finishes.
Sereno, which topped off in April 2016, sold out for gross sales of $44.5M or $626 per square foot, with 50% deposits collected from all 38 buyers. Additionally, ten marina slips sold for gross sales of $1.5M. The construction loan was paid off after a mere 14 closings in April of 2017, with the remaining closings all generating return of equity and profits.
38 Condo Units