Florida's biggest condo builder just walked away from an Aventura project, as the plan flipped from for-sale condos to rentals and a hotel. When the condo king cashes out, it says something about the market.
Key Takeaways
- BH Group and The Apollo Companies bought out Related Group's stake in the 4.5-acre Aventura City Center site at 2999 NE 191st Street.
- The project flipped from for-sale condos to a 248-unit rental tower plus a 153-room Marriott hotel, with the hotel zoning approved in May 2026.
- Related Group, Florida's largest condo developer, exiting a project that dropped condos, points to a cooling for-sale market.
When Florida's largest condo developer steps back from a project, it is worth asking why. According to The Real Deal, Related Group has sold its stake in Aventura City Center, a mixed-use project just south of the Aventura Mall, to its partners BH Group and The Apollo Companies. Related and BH had paid $51 million for the 4.5-acre site in 2022, back when it came with the Aventura View office building, about 95% leased.
The exit is not the whole story, though. The plan for the site has changed almost as many times as the market has. What started as offices and condos, then a branded Viceroy condo tower, is now a rental-and-hotel project. We walked through that evolution in Related's three-concept pivot in Aventura. Having Miami's condo king cash out at the same time the condos became rentals is the part we are reading into.
What exactly changed hands?
BH Group and The Apollo Companies bought Related Group's share of the 4.5-acre site at 2999 NE 191st Street, next to the Aventura Government Center and near the Brightline station. The price for Related's stake was not disclosed. The office building at the site stays, and Apollo takes over day-to-day execution while Related and BH remain on the approvals.
Who are the stake buyers?
The Apollo Companies has developed more than $3.5 billion of real estate on the East Coast and was named the Latin Builders Association's Developer of the Year in 2024 and 2025. BH Group, an Aventura-based firm run by Isaac and Liat Toledano, has been a frequent Related partner across South Florida.
Why did the plan flip from condos to rentals?
Follow the plan, and you can see the market talking. The program has cycled through three concepts in three years. In 2022 it was Class A offices plus luxury condos, which became a 26-story condo tower of about 300 units. In early 2025 it launched as Viceroy Residences Aventura, a branded for-sale condo priced from the $900,000s. By April 2026, it was revised again into a 23-story, 248-unit rental tower plus a 13-story, 153-room Marriott extended-stay hotel and 26,000 square feet of retail, with the hotel zoning approved in May 2026.
As Larry Mastropieri put it on the Discover South Florida Podcast: "Trading a condo plan for rental and hotel and having Miami's condo king cash out is a real signal about where the for-sale market sits right now." And that is the core of it.
Related's whole business is selling units, so when a project swaps a for-sale condo for a rental building and Related steps back, that reads as a call on demand, not just a design change.
Related is not alone. Across South Florida, developers have leaned into rentals as the for-sale side softens, part of why multifamily sales keep surging.
Thinking about buying a condo near Aventura? Talk to a Miami-area real estate agent who can tell you which buildings are holding value and which are not. Reach out to The Mastropieri Group Realtors® or call (954) 833-1468.
What Related's exit says about the condo market
Zoom out from this one site and the same signal shows up in the resale market. There is more condo product for sale than there has been in a long time, and prices have gone flat or slipped depending on the building and its fees. As Larry explained: "You have more product on the market than has been on the market in a very long time." That inventory is why the picture is so uneven right now, which we broke down in our look at what is happening with condo sales in Miami and Broward.
The market is spotty and very product-specific. In one recent deal, a buyer who had paid about $1 million and then put another $200,000 toward assessments, all in near $1.2 million, sold roughly two years later for around $720,000. In other cases, well-chosen units still draw competing offers. The difference is homework. This is not a reason to avoid condos, only a reason to know exactly what you are buying before you commit.
Watch More on This Topic: Watch this segment | Full Episode | Last week's recap
Frequently Asked Questions
Why did Related Group sell its stake in Aventura City Center?
Related Group, Florida's largest condo developer, exited after the project shifted from for-sale condos to a rental-and-hotel plan. Its partners, BH Group and The Apollo Companies, bought the stake. The move tracks a cooling Miami condo market.
What is being built at Aventura City Center now?
A 23-story, 248-unit rental tower and a separate 13-story, 153-room Marriott extended-stay hotel, plus 26,000 square feet of retail. The existing Aventura View office building stays. The hotel zoning was approved in May 2026.
Is The Apollo Companies the same as Apollo Global Management?
No. The Apollo Companies is a South Florida developer led by Edward Abbo. Apollo Global Management is a separate Wall Street private-equity firm. The two are unrelated.
Is the Miami condo market slowing down?
The for-sale side has cooled, with more inventory than in years and flat-to-lower prices in many buildings. The market is uneven and product-specific, so some well-chosen units still see strong demand.
Where is Aventura City Center located?
At 2999 NE 191st Street in Aventura, just south of the Aventura Mall, next to the Aventura Government Center and near the Brightline station.
Local help for buyers and investors near Aventura
Whether you are buying, selling, or holding a condo anywhere from Aventura to Broward, it helps to work with a team that knows which buildings are worth the bet. Reach out to The Mastropieri Group Realtors®. For hands-on guidance across the South Florida market, call (954) 833-1468. You can also browse current homes for sale in North Miami.
Posted by Larry Mastropieri
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