GreyBrook logotype
Investor Login Contact Us

The Elser Hotel & Residences Miami Successfully Closes on $80M in Sales in Less Than 60 Days

Date:
January 20, 2023
Share:

Offering the only move-in ready new construction residences in Downtown Miami, the 49-story luxury condominium is attracting a wave of eager buyers

Greybrook and PMG are pleased to announce The Elser Hotel & Residences Miami, a 49-story new construction luxury condominium located at 398 NE 5th St., has successfully closed on $80 million in sales in less than 60 days. This immense sales volume marks the pivotal return of Latin American investment in South Florida, with 75 percent of sales coming primarily from Colombia, Mexico, and Chile, as well as the continued fervent demand for turnkey, new construction residences in the heart of Downtown Miami. The team has successfully completed closings with premier financial institutions such as City National Bank, Prime Equity and several others. PMG Residential is the exclusive sales team for The Elser Hotel & Residences.

“Miami’s status as an international business hub and world-class metropolitan destination has positioned the city as one of the world’s most desired real estate markets,” said Sergio Pintos, Principal of PMG Residential. “The ability to now explore the best culinary, entertainment, and retail offerings all within footsteps of one’s home is extremely attractive to buyers. With so much available at one’s fingertips, it is no wonder that The Elser Hotel & Residences has experienced such a high volume of sales and successful closings in such a short time.”

Boasting unobstructed views of Biscayne Bay and sweeping views of the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

“When The Elser Hotel & Residences was created, we wanted to invest in the area’s potential for new development and flexible living options,” said Ryan Shear, managing partner of PMG. “It is beyond exciting to see how receptive today’s buyers are to the concept and everything it has to offer, from short-term rental options to a high-caliber level of downtown living. We are honored to work with our partner Greybrook as The Elser Hotel & Residences continues to make its mark on Miami.”

“The Elser Hotel and Residences is a truly unique property benefiting from an abundance of exceptional amenities and situated in a prime location with convenient access to everything the Downtown Miami core has to offer,” said Sami Mouaket, Director of U.S. Investments & Development at Greybrook. “This marks another successfully completed development in our growing portfolio of projects with our partner PMG who has significant experience in the Miami market and continuously demonstrates seamless execution in development management and construction.”

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

Latest Insights

Boardroom Brief: EP. 09 – How Federal Action Could Change Canada’s Housing Game

Insights
September 29, 2025

The federal government recently launched Build Canada Homes, a new agency with an ambitious mandate: to rapidly scale up housing construction across the country, aiming to help double the national housing supply and improve affordability as part of Canada’s broader…

Peter Politis, CEO, Discusses Canada’s Real Estate Outlook on The Your Life! Your Terms! Show

Insights
September 26, 2025

With interest rates elevated, higher costs, and policy hurdles mounting, Greybrook CEO Peter Politis joined The Your Life! Your Terms! Show on the “How Billion Dollar Developers See Canadian Real Estate In 5 Years” episode to discuss what these shifts…

Greybrook news

Pedaling for Purpose: Velo Blu 2025 Raises $360,000

Uncategorized
September 25, 2025

The 6th Annual Velo Blu charity ride returned to Peller Estates Winery in Niagara-on-the-Lake on September 19th, once again demonstrating the power of community commitment to life-changing medical research. This year’s inspiring event raised $360,000, bringing Velo Blu’s cumulative contribution…

Growing West: Celebrating Greybrook’s Vancouver Head Office Grand Opening

Company News
September 19, 2025

On September 17th, Greybrook proudly celebrated the grand opening of our new Vancouver office with a special lunch event at Seasons in the Park restaurant. The occasion was a great success and a celebration of Greybrook’s established presence in the Vancouver area.…

Greybrook Announces US$35,600,000 Acquisition of Garden-Style Community in Houston, Texas

Company News
September 17, 2025

Greybrook announced today the acquisition of Terra at Piney Point, a 246-unit garden-style apartment community situated between Houston’s Galleria and West Houston neighborhoods, adjacent to Piney Point Village, one of Texas’s most affluent communities for the purchase price of US$35,600,000.(1)…

Greybrook Participates in the 16th Annual Constantine Yorkville Run To Support Mental Health for Young Adults

Community
September 8, 2025

Yesterday, Greybrook proudly took part in the 16th Annual Constantine Yorkville Run, joining 1,200 dedicated runners and walkers to raise vital funds for over 30 local charities in Toronto. This longstanding community-driven 5K event has raised more than $5.4 million…

Greybrook Realty Partners Invests $31,525,000 in a Residential Development Project in Markham, Ontario

Company News
August 21, 2025

Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $31,525,000. This investment will support the acquisition and management of a development spanning approximately 45 projected net developable acres, located at 10378…

Progress Update: Yonge and Eglinton

Yonge and Eglinton
August 13, 2025

Since announcing our investment in the Yonge and Eglinton project earlier this year, our team – together with long-standing partner Stafford Homes – has been moving purposefully through the early stages of development. Located at 29–45 Berwick Avenue, just west…

Construction Advances at 138 Yorkville

Portfolio Updates
August 4, 2025

Following a landmark crane installation last year, construction at 138 Yorkville, our ultra-luxury high-rise development located in Toronto’s Yorkville neighbourhood, is progressing well. In recent months, the construction team has made steady progress on the underground levels, completing the major…

Sales Officially Launched at Brooklin Vue – A New Low-Rise Community in North Whitby

Portfolio Updates
July 21, 2025

Sales have officially launched for Brooklin Vue, our low-rise development in partnership with Treasure Hill. This new residential community is located in the historic village of Brooklin, Ontario, and offers an exclusive collection of two- and three-storey modern townhomes along…

All Posts

Join our newsletter and keep up to date with our news & insights

Contact us