Overview

Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets.

A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, facilitates smooth transactions.

This method achieves success while developing long term business relationships.

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Dedication

A focused approach to real estate transactions in order to cater to specific needs.  

Strategy

We listen carefully to achieve successful real estate goals.

Advisement

Our unique expertise and personal touch delivers comprehensive real estate services.

South Florida News

  • FTC sues to stop CoStar’s $585M RentPath buy
    CoStar CEO Andy Florance and FTC chairman Joseph Simons (CoStar; Getty)

    CoStar CEO Andy Florance and FTC chairman Joseph Simons (CoStar; Getty)

    Federal regulators are looking to block CoStar’s $588 million purchase of troubled rental listing platform RentPath, which operates Rent.com and ForRent.com.

    The U.S. Federal Trade Commission said Monday that it filed an administrative complaint and authorized a federal lawsuit seeking to unwind the deal. According to regulators, the deal would significantly consolidate CoStar’s footprint in the rental listings arena — specifically, for large apartment complexes in 49 metro areas.

    “CoStar and RentPath operate several of the most popular sites, and their aggressive, head-to-head competition has kept advertising rates low while offering consumers a convenient, data-rich tool for finding an apartment,” Daniel Francis, deputy director of the FTC’s bureau of competition, said in a statement. “This acquisition will eliminate price and quality competition that benefits both renters and property managers.”

    In a statement, CoStar said it believes the FTC is “wrong in its assessment,” and that it is examining its options.

    CoStar and RentPath have been fierce rivals for years — targeting each other with sales campaigns and dangling special deals to win customers, according to the complaint.

    By joining forces, the FTC alleges, CoStar would control an outsize share of rental listings. CoStar already operates Apartments.com, ApartmeentFinder.com and ForRent.com.

    According to the FTC complaint, 70 percent of the country’s apartment complexes with 200 or more units are listed on sites operated by CoStar, RentPath or both. Fifty percent of buildings with 100 to 199 units are listed on their sites.

    “The acquisition will increase concentration in these markets even further,” an FTC news release asserted.

    CoStar disclosed plans to buy RentPath in February, a week after the troubled apartment listing firm filed for Chapter 11 bankruptcy.

    Faced with financial trouble and competition, owners TPG Capital and Providence Equity had tapped financial advisers to restructure $650 million of debt, the Wall Street Journal reported at the time.

    The purchase was subject to bankruptcy court and regulator approval, which is now proving elusive.

    In a news release, the FTC said its commissioners voted four to one to seek a preliminary injunction. Pending an administrative trial, set to begin June 1, the FTC plans to file a complaint in U.S. District Court in the District of Columbia.

    CoStar has been circling the residential space for the past six years. In 2014 it shelled out $585 million for Apartments.com, followed by acquisitions of ApartmentFinder ($170 million in 2015), ForRent ($385 million in 2017) and Cozy Services ($68 million in 2018). In February, it shelled out $588 million to buy RentPath, the parent company of ApartmentGuide.com, Rentals.com and Rent.com.

    It’s been named as a bidder for CoreLogic, one of the country’s biggest residential real estate data companies. And last week it announced plans to buy Homesnap, a national search portal for sales listings, for $250 million.

    [contact-form-7]

    The post FTC sues to stop CoStar’s $585M RentPath buy appeared first on The Real Deal South Florida.

  • Mill Creek, Invesco sell Fort Lauderdale apartments for $180M
    From left to right: 3333 South Port Royale Drive in Fort Lauderdale with Invesco CEO Martin Flanagan, Northwestern CEO John Schlifske, and, Mill Creek CEO William MacDonald (Invesco, Northwestern, Mill Creek)

    From left to right: 3333 South Port Royale Drive in Fort Lauderdale with Invesco CEO Martin Flanagan, Northwestern CEO John Schlifske and Mill Creek CEO William MacDonald (Invesco, Northwestern, Mill Creek)

    Mill Creek Residential and Invesco sold a 555-unit apartment complex in Fort Lauderdale in a $180 million deal, marking one of the largest commercial deals to close in South Florida this year.

    The buyer, NM-Port Royale LLC, is tied to Northwestern Mutual.

    The deal includes the Emera Port Royale apartments, formerly called Modera Port Royale, at 3333 South Port Royale Drive, as well as nearby vacant land.

    The Bozzuto Group was recently hired to manage Emera Port Royale, according to a Facebook post.

    Emera’s amenities include a two-story fitness facility, swimming pool and marina with boat slips, according to its website. Available apartments at the complex range from $1,715 for a 600-square-foot, one bedroom to $4,354 for a 1,429-square-foot three-bedroom.

    Dallas- and Boca Raton-based Mill Creek purchased both phases of the Port Royale community in 2012 for $117.4 million with plans to develop more apartments. Three years later, Mill Creek sold the existing 553-unit Port Royale Apartments at 3300 Port Royale Drive North to Chicago-based real estate investor and property manager Waterton.

    Mill Creek built the Emera Port Royale apartments that just sold to Northwestern Mutual in 2017.

    This past September, Waterton sold the Port Royale apartments to author and speaker Grant Cardone for an unknown price.

    Milwaukee-based Northwestern Mutual recently expanded its California office portfolio with a four-building complex in Santa Monica that it acquired for $166 million.

    Other recent multifamily sales in Fort Lauderdale include a portfolio of six multifamily properties with 94 units that traded for about $13 million and the $13 million sale in March of a portfolio of apartments in Fort Lauderdale’s Victoria Park and Las Olas neighborhoods.

    [contact-form-7]

    The post Mill Creek, Invesco sell Fort Lauderdale apartments for $180M appeared first on The Real Deal South Florida.

  • Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

    Fortune International Group and Château Group unveiled photos of the recently completed Ritz-Carlton Residences, Sunny Isles Beach.

    The luxury condo tower, which opened in February, has recorded more than $500 million in closed sales and is more than 85% sold, according to a press release.

    The 52-story, 209-unit tower at 15701 Collins Avenue was designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Florentine architect Michele Bönan.

    Buyers include Chilean soccer player Alexis Sánchez, who paid $2.45 million for a unit in April.

    The two developers paid off their $212 million construction loan for the building in April.

    [contact-form-7]

    The post Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS appeared first on The Real Deal South Florida.

  • Pending home sales fall again as prices continue to rise
    Second monthly decline in contract activity signals looming decline in U.S. home sales (iStock)

    Second monthly decline in contract activity signals looming decline in U.S. home sales (iStock)

    In another indication of a potential slowdown in the country’s hot housing market, an index tracking pending home sales declined for the second month in a row.

    The monthly metric from the National Association of Realtors fell by 1.1 percent in October, compared to September. The drops followed four months of growth.

    NAR’s index tracks signed contract activity for single-family homes, condos and co-ops, and is seen as an indicator of future sales of existing homes. The typical lag time between a contract signing and a sale being finalized is one or two months.

    Sales of existing homes increased to 6.85 million in October, the fifth month of consecutive gains, while just 1.42 million homes were for sale at the end of the month — a record low in the history of NAR’s monthly report on existing housing stock.

    Despite the pending home sales index’s monthly drop in October, the number of contracts signed nationally are up 20 percent year-over-year.

    Citing the annual gains, Lawrence Yun, NAR’s chief economist, maintained that the housing market was “still hot,” though he admitted that the second monthly decline in NAR’s index signals that rising home prices are beginning to tamp down demand.

    “We may be starting to see rising home prices hurting affordability,” he said in a statement.

    The median home price in the U.S. surpassed $300,000 for the first time in July and has continued its climb since. Prices are being driven up by unrelenting demand from homebuyers as remote work has become widely accepted, and historically low mortgage rates and homes for sale.

    “The combination of these factors … has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” said Yun.

    Increasingly, first-time homebuyers, and buyers with lower incomes or poor credit history, are finding it hard to secure a mortgage. Economists warn that the housing market’s uneven recovery, described often as K-shaped and some people prosper and others struggle, could spill into other aspects of the economy.

    [contact-form-7]

    The post Pending home sales fall again as prices continue to rise appeared first on The Real Deal South Florida.

  • CBRE lowers SPAC IPO valuation target to $350M
    CBRE CEO Robert Sulentic (iStock)

    CBRE CEO Robert Sulentic (iStock)

    CBRE Acquisition Holdings, a blank-check company formed by CBRE Group, has lowered the target deal size for its upcoming initial public offering to $350 million, according to a filing with the Security and Exchange Commission.

    CBRE, the world’s largest real estate services firm, initially set the valuation goal for its special purpose acquisition company (SPAC) at $400 million. But according to a new document filed with the SEC on Friday, the company lowered its IPO size by $50 million, offering 35 million stakeholder aligned initial listing (SAIL) securities at a price of $10.

    With its SPAC, CBRE aims to “identify and acquire a privately held company with significant growth potential,” according to a regulatory filing. The date of the IPO has yet to be made public. It’s subject to the completion of the registration statement.

    Blank-check companies have become increasingly popular among real estate firms this year. SPACs have no underlying assets and are formed with the goal of merging with a target company and taking the company public.

    Last month, Tishman Speyer formed a $300 million SPAC that aims to merge with a proptech company. Real estate investors Joseph Beck and Thomas Hennessy are looking to raise $175 million for their second blank-check company, PropTech Investment Corporation II, that seeks to merge with a real estate tech company with an enterprise value of $500 million or more.

    CBRE’s new SPAC is led by Bob Sulentic, the firm’s president and CEO, and William Concannon, its global group president.

    [contact-form-7]

    The post CBRE lowers SPAC IPO valuation target to $350M appeared first on The Real Deal South Florida.

  • Boca Beach House condo project scores $43M construction loan
    Photo courtesy of David Iglesias

    Photo courtesy of David Iglesias

    Key International and Integra Investments secured a $42.6 million construction loan from Bank OZK for a luxury condo project in eastern Boca Raton.

    The developers also broke ground on the 32-unit project, called Boca Beach House Luxury Residence & Marina, at 725 South Ocean Boulevard, according to a press release.

    The four-story, waterfront building will be built on a 3.2-acre site with an 18-slip marina, sundeck with a pool and Jacuzzi, gazebo with a full kitchen, a fitness center, steam room, sauna and treatment rooms. It’s expected to be delivered in the third quarter of 2022.

    Key International is handling sales, with remaining units starting at $3 million. Boca Beach House is nearly 80 percent presold, and units range from two to four bedrooms, and 4,000 to 5,000 square feet, according to the release.

    The developers bought the property from the Blackstone Group in 2017 for $17.3 million, and launched sales last year.

    Key International is also part of a joint venture to build a mixed-use development with about 600 residential units on the site of Office Depot’s former headquarters in Delray Beach. In May, the company’s Eden Roc 418-room hotel in Miami Beach laid off 458 employees.

    Integra, meanwhile, plans to build Wrecker’s Cay Apartments, the largest workforce housing project to be built in the Florida Keys in more than 50 years, and is part of a 271-unit affordable senior housing project in Miami’s Allapattah neighborhood. The company also intends to buy all 82 units of a Miami Beach condo-hotel that was once the subject of a fierce foreclosure battle, already spending $15 million for about 80 units.

    [contact-form-7]

    The post Boca Beach House condo project scores $43M construction loan appeared first on The Real Deal South Florida.

  • David Geffen sells “Billionaires Row” dev site for $34M
    David Geffen and 1169 N. Hillcrest Road (Getty, Google Maps)

    David Geffen and 1169 N. Hillcrest Road (Getty, Google Maps)

    Billionaire entertainment mogul David Geffen sold a development site in Beverly Hills for $33.8 million, more than a year after he bought the mansion-ready property, The Real Deal has learned.

    The buyer of the 1-acre parcel at 1169 North Hillcrest Road is a Santa Barbara investor, who sources declined to identify. The sale closed Nov. 20.

    Geffen paid $30 million for the property in what’s considered “Billionaires Row” in July 2019. It includes plans for a 24,500-square-foot mansion designed by architectural firm Shubin Donaldson. According to PropertyShark, the property has changed hands six times since 2013, with no owner holding onto the land long enough to develop it.

    The sale is the latest in what has been a prolific year of real estate deals for the founder of Geffen Records and former DreamWorks executive and co-creator. Geffen set a record in February for the priciest single-family home deal in California when he sold a Beverly Hills estate to Amazon CEO Jeff Bezos for $165 million.

    Westside Estate Agency co-founder and CEO Kurt Rappaport represented Geffen in the Hillcrest Road sale, and in his $68 million purchase of Casey Wasserman’s Beverly Hills mansion in June.

    Rappaport declined to comment. A message left with a Geffen representative Monday was not returned.

    The post David Geffen sells “Billionaires Row” dev site for $34M appeared first on The Real Deal South Florida.

  • Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
    Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

    Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

    British billionaire brothers David and Simon Reuben are picking up the senior loan behind the St. Regis Bal Harbour resort, as the hotel market continues to struggle.

    Their private equity and investment firm, Reuben Brothers, acquired the $132 million mortgage from Mack Real Estate, according to a spokesperson for Reuben Brothers.

    Tarek El Sayed, CEO of Al Rayyan Tourism Investment Company

    Tarek El Sayed, CEO of Al Rayyan Tourism Investment Company

    Qatari firm Al Rayyan Tourism Investment Company owns the 27-story oceanfront luxury condo-hotel, which has 192 keys and 24 condo-hotel units. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014. That deal that broke down to more than $1 million per room.

    The loan from Mack Real Estate, issued in August 2018, has a four-year term with a one-year extension option.

    The note sale comes as hotels across the country have been struggling to stay afloat, with many agreements between borrowers and their lenders having expired.

    Reuben Brothers has seen opportunity in that sector, aggressively investing in luxury hotels in New York, South Florida and Europe throughout the pandemic. Through its private equity firm, the Reuben family, reportedly the second-wealthiest family in the United Kingdom, recently acquired a minority stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa in Aventura.

    The investors are also partnering with Soffer’s Fontainebleau Development on other investments as well. In Los Angeles, the British investors provided Michael Rosenfeld’s Woodridge Capital with $275 million in senior mezzanine debt for the Century Plaza megaproject.

    [contact-form-7]

    The post Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour appeared first on The Real Deal South Florida.

  • Retail foot traffic tanks on Black Friday
    Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

    Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty)

    Foot traffic in stores on Black Friday was about a half of what it was last year.

    But the decline in spending at physical stores was not as bad, according to the Wall Street Journal, citing findings by several analytics firms that track retail.

    Spending outpaced foot traffic because shoppers were more likely to purchase at the stores they did visit, said Brian Field, a senior director at Sensormatic Solutions, a tracking firm with cameras in stores.

    “Customers, if they chose to shop in stores, they chose to be a little more thoughtful about where they wanted to shop,” said Field, whose firm’s research showed a 52 percent decline in in-store traffic on Black Friday compared to last year.

    According to RetailNext, another tracking firm, foot traffic on Black Friday fell 48 percent from last year. RetailNext estimated that spending at physical stores declined about 30 percent on Black Friday, with apparel, footwear and jewelry falling more than 50 percent. In-store spending went down by 52 percent in the Northeast, while the decline was 42 percent in the South.

    The pandemic has hit the retail sector particularly hard, cutting into both rent collection and foot traffic at stores and shopping centers, although there are signs of a rebound for the former. In October, retail rent collection hit 89 percent, the highest since before the pandemic.

    But shopping centers have a long way to go before they’re out of the woods. Stores are closing, individual retailers are struggling and big mall landlords are ready to hand keys back to lenders.

    “The biggest issue for malls is their debt and lack of access to capital,” Alexander Goldfarb, a senior analyst at Piper Sandler, recently told The Real Deal.

    [WSJ] — Akiko Matsuda

    The post Retail foot traffic tanks on Black Friday appeared first on The Real Deal South Florida.

  • Luxury watch retailer sells adjacent Miami Beach homes for $44M
    John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps)

    John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps)

    The owner of a luxury watch retailer sold two neighboring waterfront properties in Miami Beach to the same buyer for $44 million.

    Property records show 6342 North Bay Rd LLC and 6360 North Bay Road LLC sold the homes to North Bay Palms LLC, a Florida company managed by attorney Mark S. Meland of Meland Budwick. The houses sold for nearly $10 million more than their previous trade last year.

    Jean Simonian, known as John, sold the properties. Simonian owns the watch store Westime, which has three locations in Southern California and one in Miami.

    The 12,651-square-foot mansion at 6360 North Bay Road sold for $32 million. The nine-bedroom home, built in 2018, has nine bedrooms, twelve full bathrooms and four half bathrooms, according to property records. It includes a guesthouse, pool and dock with 112 feet of water frontage.

    The four-bedroom, four-bathroom home next door, at 6342 North Bay Road, sold for $12 million. Originally built in 1935, the house, which sits on a 24,407-square-foot lot, was advertised as a teardown.

    Simonian bought both properties in August 2019 for a combined $35.4 million.

    North Bay Road is among the Miami Beach neighborhoods where luxury home sales have soared in recent months.

    The waterfront property once home to Pablo Escobar sold for nearly $11 million earlier this month. Also, a company linked to Witkoff Group purchased a waterfront lot for $8 million and the CEO of AmeriSave Mortgage Corp. bought a home for $8.2 million.

    [contact-form-7]

    The post Luxury watch retailer sells adjacent Miami Beach homes for $44M appeared first on The Real Deal South Florida.