Kolter, BH Group Buy 163 of 172 Port Royale Units in North Beach

Kolter Group and BH Group have bought 163 of the 172 condo units at Port Royale, 6969 Collins Ave in North Beach, Miami Beach, for $61.6 million, buying owners out one unit at a time since July 2026. Wells Fargo financing on the deal has grown to $83.2 million, double the January amount.

Why it matters

This is an oceanfront assemblage built without a single seller. Instead of negotiating with one owner, the partners are collecting a condo building piece by piece, and nine units are all that stand between them and full control of Port Royale. Residents there were evacuated about five years ago after the building was deemed unsafe in the wake of the 2021 Champlain Towers South collapse, which is the backdrop for owners selling.

The Port Royale buyout also finishes a block. The same partners paid $18 million for the Normandy Plaza Hotel at 6985 Collins Ave in 2023 and $26 million for Crystal Beach Suites at 6979 Collins Ave in January 2026, then added $14.4 million of commercial condos in July. Together the parcels span roughly two acres between 69th and 71st Streets.

The numbers

• $61.6 million for 163 units, about $378,000 per unit on our math.
• 9 units remain of 172.
• $83.2 million Wells Fargo financing, double January.
• $18 million for Normandy Plaza (34,980 square feet, built 1950).
• $26 million for Crystal Beach Suites (built 1936), plus $14.4 million of commercial condos.
• Planned Normandy Plaza replacement: a 17-story, 37-unit condo tower designed by Kobi Karp, with 947 square feet of ground-floor retail and 86 parking spaces.

What’s next

The developers filed demolition plans for Normandy Plaza this week, which makes the 37-unit tower the first visible piece of the plan. What Kolter and BH Group build on the Port Royale and Crystal Beach parcels has not been reported, and the source does not say how the remaining nine units will be resolved.

Watch for the demolition permit, the tower’s site plan review, and any closing on the last Port Royale units. For more deal flow, see our South Florida coverage.