Miami, FL (PRWEB) April 2, 2006
Miami based condo-conversion fund Dominvs Maximvs, LLC has partnered with a well known developer to convert the Yacht Club apartments in Hallandale, Florida to condominiums. The water-front building boasts 61 units with spectacular views of the Intracoastal Waterway and 13 boat slips with ocean access.
“This is truly a gem of a project,” stated Gerald Jorge, president of Dominvs. “We feel that the area has much potential, and the addition of the boat slips gives the building a tremendous competitive advantage,” added Mr. Jorge. The terms of the deal were not disclosed.
The area is experiencing growth and is home to major national employers such as Publix Supermarkets, American Express and Motorola. Ft. Lauderdale continues to be among the faster-growing cities in the United States with population now exceeding 1.7 million residents. The city grew 29 percent from 1992 to 2002, more than double the national average. This growth is attributable in part to Ft. Lauderdale’s desirable climate with 300 annual days of sunshine, 23 miles of beaches and its reputation as the “Internet coast.” Ft. Lauderdale has long been a technology center in South Florida and together with Palm Beach and Miami was nicknamed “Silicon Beach” during the Internet boom. Furthermore, the South Florida area is an important logistical hub for business with Europe and Latin America having two major sea- and airports, and is considered the cruising capital of the world.
The developers have retained Metropolitan Brokers, a Miami based real estate brokerage firm, to market certain units. The company, a specialist in the Miami condo market, is expanding its market coverage throughout Florida and has partnered with Dominvs to handle sales for future condo-conversions throughout the U.S.
Founded by former financial engineer Gerald Jorge and marketing expert Raymond Fernandez, Dominvs is positioned for continued success in the conversion market as they expand to other states throughout the U.S... Through their unique approach, the fund looks for arbitrage opportunities in real estate with an inherent margin of safety. In addition, the fund intends to hedge against price fluctuations using the newly conceived futures and options on real estate soon to be traded on the Chicago Mercantile Exchange. “This is an unprecedented opportunity in real estate, for the first time you can hedge against a price decline in a particular market; Dominvs will be the first investment fund to implement this protection,” said Mr. Jorge. “We will truly be the first real estate ‘hedge fund’ out there,” continued Mr. Jorge.
DOMINVS MAXIMVS (“DM”) is a real estate investment company primarily targeting mid-market condo-conversion opportunities, focusing on developments with a per unit resale price at or below the mean condo price in a given area. DM has nearly a decade of experience in leveraged finance, operational risk management and over 15 years of marketing and promotions experience.
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