Developer Michael Shvo is no longer involved with the Raleigh Miami Beach property, following its sale to Nahla Capital for approximately $270 million. The three-acre site, located at 1775, 1757, and 1751 Collins Avenue, was acquired by the New York-based private equity firm, which manages $2 billion in assets. Bloomberg initially reported the transaction.
Sources confirmed that JVP Management, also based in New York, provided Nahla with $250 million in financing for both acquisition and development efforts.
Shvo’s departure from this project marks a significant shift from his previous presence in the Miami Beach market. In 2019, Shvo and his partners—including Deutsche Finance America and a group of German pension funds—purchased the Raleigh assemblage for $243 million. The property includes not only the Raleigh but also the Richmond and South Seas hotels.
Under Shvo’s direction, Peter Marino and Kobi Karp Architecture & Interior Design were hired to redesign the Raleigh. The developer gutted the existing buildings and secured approval for a new 17-story luxury condominium tower on the beachfront site. Plans called for 44 high-end condos, a private members’ club, and a hotel component. The original Raleigh hotel is an Art Deco landmark designed by L. Murray Dixon.
Most presales for units were priced above $5,000 per square foot; one unit reportedly went under contract at nearly $8,500 per square foot according to The Wall Street Journal. However, the project faced competition from nearby developments such as Witkoff and Monroe Capital’s Auberge-branded condo and hotel redevelopment of the Shore Club.
Last summer saw Shvo sever ties with Official—the sales team previously handling Raleigh—after co-founders Oren and Tal Alexander faced allegations of rape and sexual assault. Anna Sherrill of One Sotheby’s International Realty subsequently took over sales responsibilities.
In 2023, BH3 Management originated a $190 million refinancing loan for the project. A spokesperson for BH3 stated that “the loan was paid off in connection with this sale.”
A spokesperson for the Raleigh said that “the partnership has chosen to sell the property to Nahla” after repositioning efforts on the project.
The sale was arranged by Adam Spies and Marcella Fasulo of Newmark.
Separately in September, Shvo sold his Alton Road assemblage—which had been slated for luxury office and apartment development—to Infinity Collective via deed-in-lieu-of-foreclosure.
Shvo continues to own part of another Miami Beach development: One Soundscape Park office project at 1665 and 1667 Washington Avenue.
