A family-owned Coral Springs-based real estate investment firm is making a splash in Fort Lauderdale Beach.
Affiliates of LWHT Property Management, led by Tom Assouline, paid $27.2 million for six boutique hotels and motels and parking, records show. The properties, built between 1959 and 1974, are located at 3601, 3621, 3623, 3711, 3801, 3811 and 3821 North Ocean Boulevard.
The sellers are affiliates run by Hallandale Beach’s Yury Gnesin, who paid $13.4 million for the seven sites between 2013 and 2017, records show. Matthew Jacobs with Lee & Associates represented the sellers.
The latest deal involved six separate transactions, including $11.3 million for the 66-unit Royal Beach Palace, the largest property in the portfolio, records show. LWHT affiliates paid approximately $175,324 per key for 154 rooms combined.
Founded in 2010, LWHT Property Management has 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 run by Ellie and Laurence Assouline, according to the records.
Jacocks said the six buildings total 67,254 square feet. Combined with the vacant land, the properties make up a contiguous 2.56-acre site in a “high barrier to entry” market, Jacocks said. The assembly sits in Galt Mile, an area with beachfront condominiums, and offers a sought-after frontage on Ocean Boulevard, he added.
Large assemblies in Fort Lauderdale Beach are rare, as developers have gobbled up prime sites for new luxury projects.
In March, the owners of Franco & Vinny’s Pizza Shack sold a 1.26-acre assembly slice in Fort Lauderdale Beach, including their restaurant, to Flying Point and Integra Investments. The joint venture paid $7.2 million for the properties located at 2828 to 2908 East Sunrise Boulevard.
Nearby Delray Beach-based Kolter Urban is developing Selene Oceanfront Residences, a 26-story condominium at 3000 Alhambra Street that 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% of its 24 units.