A Coral Springs-based family-owned real estate investment company is causing a stir in Fort Lauderdale Beach.
Affiliates of LWHT Property Management, headed by Tom Assouline, paid a total of $ 27.2 million for six boutique hotels and motels and a parking lot, according to records. The properties, built between 1959 and 1974, are located at 3601, 3621, 3623, 3711, 3801, 3811 and 3821 North Ocean Boulevard.
The vendors are affiliates run by Yury Gnesin of Hallandale Beach, who paid a total of $ 13.4 million for the seven sites between 2013 and 2017, according to records. Matthew Jacocks of Lee & Associates represented the vendors.
The latest deal involved six separate deals, including $ 11.3 million for the 66-unit Royal Beach Palace, the largest property in the portfolio, according to records. LWHT affiliates paid approximately $ 175,324 per key for a total of 154 rooms.
Founded in 2010, LWHT Property Management owns condos, townhouses and single-family homes for rent in Miami-Dade, Broward and Palm Beach counties, according to the company’s website. In addition to Tom Assouline, LWHT is headed by Ellie and Laurence Assouline, according to the records.
Jacocks said the six buildings totaled 67,254 square feet. Combined with the vacant land, the properties form a contiguous 2.56 acre site in a “high barrier to entry” marketplace, Jacocks said. The assembly is in Galt Mile, an area with oceanfront condominiums, and offers a sought after frontage on Ocean Boulevard, he added.
Large assemblies in Fort Lauderdale Beach are rare, as developers have swallowed up prime sites for new luxury projects.
In March, the owners of Franco & Vinny’s Pizza Shack sold a 1.26 acre blending slice in Fort Lauderdale Beach, including their restaurant, to Flying Point and Integra Investments. The joint venture paid $ 7.2 million for properties located between 2828 and 2908 East Sunrise Boulevard.
Nearby, Delray Beach-based Kolter Urban is developing Selene Oceanfront Residences, a 26-story condominium located at 3000 Alhambra Street, which will have 204 units. Cavache Properties recently completed 30 Thirty North Ocean at 30 North Ocean Boulevard in Fort Lauderdale Beach. The boutique project has sold 70 percent of its 24 units.