Canero Group flips Coconut Grove condo building to El-Ad for a big profit

Jose Canero completed a bulk purchase of an entire condo complex in Coconut Grove, and just flipped the property for a 160 percent increase, or 2.6 times what he paid.  Boca Raton-based El-Ad National Properties paid $45.5 million for the 25-unit, 20,500-square-foot building at 3265 Virginia Street in Miami, according to a press release. The site is in the heart of Coconut Grove, just north of CocoWalk, where luxury condo development is booming.  Canero’s firm, the Canero Group, paid $17.3 million for the building, called Chateau Grove, a year ago. He operated the condo building as apartment rentals. A 677-square-foot, […]This article originally appeared on The Real Deal. Click here to read the full story.