In expectation of an upswing in Ft. Lauderdale property values, Related Companies has bought out a relatively new luxury building.
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Miami Dolphins owner Stephen Ross’ New York based Related Fund Management has acquired all of the available condominium units in the W Hotel & Residences in Fort Lauderdale, Florida, for $90 million. RRERF FL Condo Owner, a firm affiliated with Ross’ Related Companies, made the purchase.
Related secured a $55 million loan from New York based iStar Financial for the acquisition.
147 of the hotel’s 171 units were available for sale. The remaining 24 condos had already been purchased since the hotel opened in 2009. Related fund also purchased all of the building’s hotel units for an undisclosed amount when it took control of their current owner Capri Resorts LLC.
Located at 3101 Bayshore Drive, the tower hotel has 23 stories and 346 rooms. The 171 condominiums also offer hotel amenities and services. Construction cost $430 million.
Joanna Rose, spokeswoman for Related Fund Management, said “the W Fort Lauderdale is a well amenitized oceanfront property in a premier market, and we see great potential to add value through a well-executed upgrade and repositioning plan.” She also said that Related Management intends to make “significant investments” to upgrade the five year old property.
The building offers 315 feet of designated white beach front, two, heated swimming pools, a secluded pool oasis, a gym and an ocean view lounge.
The rooms offer magnificent 9-foot, floor-to-ceiling windows, Atlantic Ocean and Intracoastal Waterway views, sliding glass doors onto spacious balconies, full-size couches with sofa chair or loveseat and Bang & Olufsen entertainment systems. There are also fully-integrated kitchens that feature imported, custom Italian cabinetry, polished designer stone countertops, deluxe, side-by-side refrigerator and freezer with icemaker, a dishwasher, a flat range stove with gourmet wall-oven, an under-mounted stainless steel sink and a built-in microwave.
Each unit also has a dining table with seating for six and a washer and dryer. The master bedrooms come with a plush turquoise armchair and ottoman and a 42” LCD TV. The bathrooms feature designer stone vanity tops, premium spa bathtub and separate shower, designer plumbing fixtures, faucets and accessories.
The new owners will keep the W Residences name. That hotel chain has branches in sixteen other cities around the world, including in Tel Aviv.
Founded in 1972, Related Companies is the largest owner of luxury residential rental properties in New York.