The Madison is a high rise condominium complex located in the heart of downtown Miami. 55 units were purchased in bulk at a deep discount, to be sold individually. Additional rental income was also included in the disposition strategy. The property boasts some very unique amenities including a poker room, a private movie theater, a cyber lounge a billiard room and two workout facilities.
This purchase was consummated in October 2009 at the height of the Miami condo bust, at the bottom of the market. Over 10,000 condominiums were vacant in downtown Miami at the time. Since then, the condo inventory has shrunk down to 3500 and condo sales volumes are up over 120%. Average profits on the sales have been 53%.