REAL ESTATE

Surf Club Apartments sold

 

mbrannigan@MiamiHerald.com

The new owner of the Surf Club closed on the acquisition of the apartment building immediately north of it, extending its oceanfront holdings by another 150 feet to total 965 feet.

An investor group led by Fort Capital Management closed Wednesday on the stock purchase of the Surf Club Apartments Cooperative Inc., thus gaining ownership of the 4-story, 30-unit building at 9133 Collins Avenue in Surfside. Terms weren’t disclosed.

Many people who owned shares in the cooperative also were former proprietary owners of the Surf Club, a private social club. They include Mary Anne Shula, the wife of Dolphins coaching legend Don Shula; and James Cromarty, a former president of the historic club.

“We have yet to decide on a stand-alone project or to include it in the Surf Club project,’’ Michael Conaghan, a Fort Capital Management partner, said of the apartment acquisition.

The buyer, SC Property Acquisition LLC, which purchased the Mediterranean-style social club last year for $116 million, plans to build a luxury condo and hotel designed by Richard Meier on the site while restoring historic elements of the club.

The group includes Nadim Achi, who is founder, managing partner and principal owner of Fort Capital along with minority investors: the Koç Group, which is a prominent Turkish conglomerate with operations including automobile manufacturing, energy, consumer goods and finance, and several wealthy Brazilian, Peruvian and U.S. families.

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