New York-based Property Markets Group has purchased a 0.85-acre site on the beach in Sunny Isles, Florida, for $30 million.
The seller was Palermo Beach LLC, which bought the land for $20 million in 2012, the Daily Business Review reports.
Property Markets Group is partnering with S2 development on the deal. No plans were announced for the property.
Sunny Isles is a popular spot for residential tower development. The parcel sits between the Trump International Resort and the high-end Jade Ocean, a luxury project developed by Fortune International. In a recent interview with WPC News, Fortune founder Edgardo DeFortuna said Sunny Isles is a community "that allows you to really excel both in architecture and product, because the height limitations are very good."
Property Markets Group's current roster of projects includes the 190-unit Echo Aventura. It also paid $25 million in July for a site in Brickell, where it plans to build a tower with 166 high-end condos.