Case Study #5 Monopoly Sells the same parcel twice
Majorca Isles, Miami Gardens, Florida
Simon Lipton, Broker of Monopoly Real Estate, Inc. approached long term clients and proposed that they purchase a vacant 49.834 acre parcel located in Miami Gardens, Florida. The parcel was situated along the south side of the Miami-Dade and Broward County line fronting County Line Road and immediately east of the Florida Turnpike near Pro Player Stadium. The vacant parcel had been tentatively approved as a Miami-Dade T Plat to construct a maximum of 765 residential units with a mix of single family and multi-family residential. Within a few weeks, a contract was executed and the transaction closed $9,064,000.
A month subsequent to closing, again Monopoly approached the Buyer and suggested that they should consider redesigning the proposed site plan, renaming the project and offering the five parcels fully developed to a national homebuilder with phased releases. Once they agreed, Monopoly approached D.R. Horton and structured a multi-phased Sale and Purchase for $25,398,005 which closed over the subsequent two years.
Ultimately, D.R. Horton successfully purchased and marketed the project of 649 townhomes and 51 single family homes as Majorca Isles.
In this instance, Monopoly's long-term successful track record with our client allowed us the credibility to recommend and implement an out of the box opportunity for substantial profit. Monopoly’s many relationships with land owners, developers, and both regional and national homebuilders guided both parties into extremely successful and profitable transactions.