Miami Beach Developers Sell Waterfront Site for $270 Million

New York-based investment firm Nahla Capital bought the Raleigh hotel and condo development in Miami Beach for roughly $270 million, according to people familiar with the matter.
Nahla purchased the property from Michael Shvo and his partners in a deal that closed this week, said the people, who asked not to be identified citing private details. It includes three sites — 1751, 1757 and 1775 Collins Ave. — spanning more than 3 acres (1.2 hectares) by the oceanfront in Miami Beach’s Art Deco district, according to marketing materials viewed by Bloomberg.