The Nakash family closed on its sale of 12 units at the W South Beach to an entity tied to Aby Rosen and Michael Fuchs’ RFR Holding and David Edelstein’s Tricap.
Two W Unit LLC, Nakash Holding LLC and Nakash Miami Condo Investments LLC sold the condo-hotel units to 2201 Collins Fee LLC, according to property records. The units sold for $10.8 million, the same price the Nakashes paid for them in 2014 and 2015.
The buyer financed the purchase with a $6.9 million loan from Citibank and Deutsche Bank. 2201 Collins Fee LLC now owns about 225 units at the beachfront 20-story tower, records show.
Edelstein said the W South Beach hotel is at 90 percent occupancy.
Ralph and Joseph Nakash, owners of Jordache Enterprises, are tied to the selling entities.
The buyer and seller sued each other over a nearly $1 million deposit last year. Both lawsuits were dismissed last summer, court records show. Edelstein said the issue was resolved amicably.
Edelstein’s Tricap, RFR Realty and the Related Companies developed the W South Beach.
The Nakashes own a portfolio of commercial and residential real estate, including the former Versace Mansion on Ocean Drive in Miami Beach, and the Setai Miami Beach hotel.
In 2019, the former CEO of Roadhouse Grill sold his condo at the W South Beach for $7.2 million.