Ocean House Announces Majority of Units Sold

Ocean Drive’s luxury, waterfront boutique residence featuring $5 million units reached the sales milestone just five months after launch.

Ocean House (www.oceanhousesouthbeach.com), located at 125 Ocean Dr. in South Beach’s tony South of Fifth neighborhood, has announced a majority of its luxury units sold since the property’s official re-launch in May 2012, with an average price of $5.3 million per unit. Five of the 18 units are currently available for purchase.

After the $73 million property loan went into foreclosure in 2009, lien holder iStar Financial retained ownership and brought in celebrated interior designer Alison Antrobus rather than sell the property as a distressed asset. The redesign incorporated a sleek contemporary style while maintaining the building’s historic Art Deco elements, including the façade’s graceful courtyard and earth-tones terrazzo in the reception area. The building’s common areas were reconceived and expertly renovated to resemble intimate extensions of the residence’s 18 beachfront residences, with communal areas including a library, screening room with a Billiards table, wine room, and spa and fitness facilities.

“Our commitment to invest in a sophisticated redesign that boasts premium finishes throughout significantly enhanced the value of the entire project,” said Anthony Burns, iStar Financial’s Senior Vice President of Investments.  “All residences at the property are now selling at a premium over original pricing expectations. Implementing value-add strategies on existing projects and executing on development opportunities continues to be our main focus, particularly in South Florida.”

From the booming early 2000s through the recent financial crisis, Burns and George Helmstetter, Vice President of Investments at iStar Financial, originated and worked out more than $1 billion of real estate loans. Close collaborators since 2007, the two applied their knowledge of market timing and positioning, capitalization structures, design and marketing tofill the voids they observed in the current market. Cervera Real Estate has spearheaded the property’s marketing and sales strategy.

About Ocean House

Owner iStar Residential has captured intimate, resort-like living in the South of Fifth neighborhood with Ocean House’s 18 beachfront homes, including penthouses exceeding 6,000 square feet. The property’s limited availability, backyard oasis of sand and ocean, and easy access to South Beach’s renowned culture and nightlife make Ocean House one of the world’s most desirable addresses. A multi-million dollar redesign by designer Alison Antrobus preserves Ocean House’s historic integrity – original structure built in 1946 – while transforming its common areas into those of a private residence. The property features world-class amenities as well as exclusive services and perks that offer residents a unique, customized experience in a gracious, residential setting. Features include a beach club, state-of-the-art gym and spa facilities, beachfront pool with sunning beds and private cabanas, e-concierge and richly appointed entertainment areas, as well as 24-hour security, butler, wine room and valet services. Ocean House residents will also enjoy preferred personalized on-demand benefits including access to renowned restaurants, salons, child and pet care, among others. To request additional information or to schedule a private viewing of the property and model residences, please contact Cervera Real Estate at the Ocean House Sales Office at 305.763.8171 or visit www.oceanhousesouthbeach.com.

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