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Atlantica at Dania Beach trades for $27.3 million in deed-in-lieu deal
The deal values the 124-unit complex at nearly $10 million below its prior sale price, after a planned rental-to-condo conversion stalled.
A condominium community in Dania Beach, Florida, Atlantica at Dania Beach, has transferred for $27.3 million in a deed-in-lieu of foreclosure, Commercial Observer reported. The purchase by Prestige Companies and MV Real Estate Holdings came at a price nearly $10 million lower than the project’s previous sale price.
Commercial Observer said Atlantica at Dania Beach, located at 624 Northeast Second Street, includes 124 one- and two-bedroom units, with Prestige acquiring 118. Prestige was the original developer of the project, which was completed in 2024 as an apartment community before being sold to S2 Dania Property for $36.75 million.
According to Commercial Observer, S2 Dania Property took out a $30 million loan and planned to convert the 124 rentals into condos. However, only six units were sold, prompting Prestige Companies to buy back the asset at a discount.
The outlet also said the COO of Prestige Companies, Alexander Ruiz, stated the firm has remained confident in Atlantica’s long-term value and in the strength of the product type. The coverage noted the units rent for $1,995 to.