UPDATED, May 24, 1:45 p.m.: Swire Properties sold the remaining condos at Brickell City Centre in Miami, allowing the developer to move forward with new projects in the area, The Real Deal has learned.
A partnership between Shahab Karmely’s KAR Properties and Edgardo Defortuna’s Fortune International Group acquired the 81 units at Reach and Rise for an undisclosed amount, with plans to relist them with Fortune Development Sales. The units represent about 10 percent of the units at the two condo towers, combined.
The deal, which closed on Thursday, included some penthouse units, according to Defortuna.
A team led by Ackman-Ziff brokers Marc Sznajderman and Dylan Comras represented the buyer in arranging acquisition financing for the purchase. City National Bank is the lender, according to a source.
Swire launched sales of Reach and Rise, both 390-unit, 43-story condo towers at 68 Southeast Sixth Street and 88 Southwest Seventh Street, in 2014. The buildings were completed about two years later.