May 15 2017 | London investment firm pays $19.6M for Collins Avenue property planned as hostel

London-based Queensgate Investments just paid $19.6 million for the former Atlantic Princess Condominium in Miami Beach that’s planned to become a hip Generator hostel.

The building at 3120 Collins Avenue is part of Queensgate’s $494 million purchase of Generator and its 14-site portfolio in London, Paris, Copenhagen, Amsterdam, Dublin, Hamburg, Barcelona, Berlin, Stockholm, Madrid, Venice and Rome, as well as Miami, according to a report in IPE Real Estate.

A joint venture between London-based Patron Capital Ltd. and Atlanta-based Invesco sold the Miami property, according to Real Capital Analytics. Patron acquired London-based Generator in 2007, and sold a minority stake in Generator to Invesco in 2014, according to Generator’s website and IPE.

Full Article https://therealdeal.com/miami/2017/05/15/london-investment-firm-pays-19-6m-for-collins-avenue-property-to-become-hostel/

Source The Real Deal South Miami