Just six months after acquiring luxury condo building Trump Hollywood, its new owner BH3 is excited to report the rapid rate the condos are selling at.
The Miami-based firm has already hit $90 million in sales since they put the units on the market in January. Now, BH3 has closed 36 of the 200 units, with another 64 already sold or with signed contracts.
BH3 is proving to be more successful with selling than Trump Hollywood’s last owner, Jorge Perez. Perez launched the property in 2009 with unit prices that many considered to be too high; prices ranged from $1 million to $7 million. The oceanfront condos now range from $700,000 to over $6 million.
According to BH3 partner Greg Freedman, more closings are scheduled for the rest of the summer. He expects fill every unit by 2012 or early 2013.
"We're very enthused about the pace of sales activity," Freedman said. "We're ahead of our projections."