BH, Apollo buy out Related's Aventura City Center stake
The Toledano-led partnership takes full control of a site Related assembled for $51M in 2022.
BH Group and Apollo Companies have bought out Related Group’s stake in Aventura City Center, taking full ownership of the mixed-use project at 2999 Northeast 191st Street. Related, the Jorge Pérez-led developer, had assembled the site for $51 million in 2022; the price of the stake it sold to its partners was not disclosed.
Why it matters. The recapitalization is another sign of local capital consolidating control of Miami-area projects as national developers rebalance their portfolios. BH Group, led by Isaac and Liat Toledano, and Apollo Companies are both South Florida players deepening their bet on Aventura, a submarket where dense, transit-adjacent mixed-use has drawn steady demand. Related’s exit lets it redeploy capital while keeping the project moving under experienced local sponsors.
The numbers. Aventura City Center is planned as a 23-story residential tower with 248 units — branded Viceroy Residences Aventura, with sales launched in early 2025 — alongside a 13-story, 153-room Marriott hotel and 26,000 square feet of retail. An existing office building on the site, Aventura View, will remain. The residential and hotel components carry the amenity packages typical of the submarket, from pool decks and coworking to a rooftop lounge and meeting space.
What’s next. With ownership now unified, BH and Apollo control the timeline for delivering the tower and hotel. The transaction adds to a run of capital rotating within South Florida rather than out of it — a pattern echoed in recent Miami trades where sellers reset bases and local buyers step in. Whether the Viceroy condos and Marriott keys open on schedule now rests with a partnership betting that Aventura’s fundamentals outlast the current financing squeeze.