BH Group and Apollo Companies have bought out Related Group’s stake in the Aventura City Center mixed-use development, consolidating ownership of one of South Florida’s most strategically positioned development sites. The deal, first reported by The Real Deal, marks a significant reshuffling of the partnership behind a project that has been in the works since 2022.
The Aventura City Center project, located at 2999 Northeast 191st Street, is approved for a residential tower, a hotel, and 26,000 square feet of retail space. The 4.5-acre site, which currently houses the Aventura View office building, sits south of the Aventura Mall and near the Brightline station, making it one of the most accessible transit-adjent development parcels in the region.
BH and Related Group originally purchased the site in 2022 for $51 million and launched sales for Viceroy Residences Aventura in early 2025. Under the current plans, the development will include a 23-story multifamily building with 248 units, a 13-story Marriott-branded hotel with 153 rooms, and retail space across both buildings. The existing office building at the site will remain in place.
The residential tower is designed to feature a pool deck, fitness center, clubroom, coworking space, spa, and pet amenities. The hotel component will include its own pool and fitness center, along with a rooftop lounge, lobby bar, and meeting space. The mix of residential, hospitality, and retail reflects a broader trend in South Florida development toward projects that combine multiple uses to create walkable, live-work-play environments.
Coconut Grove-based Related Group, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, could not be reached for comment on the buyout. The firm has been a dominant force in South Florida real estate for decades, but the Aventura divestment comes as Related continues to adjust its portfolio across the region.
The buyout was led by BH Group, an Aventura-based firm headed by Isaac and Liat Toledano, in partnership with Apollo Companies. Barrett Wolf of Wolf Co Real Estate represented BH and Apollo in the transaction. BH has been an active partner with Related on several South Florida developments, including Icon Aventura, The Ritz-Carlton Residences in Pompano Beach, Icon Beach Waterfront Residences in Hollywood Beach, The Ritz-Carlton Residences in West Palm Beach, and Rosewood Residences West Palm Beach.
The Aventura submarket has seen a surge of development activity in recent months. In June, Adam Neumann and Canada Global’s Flow multifamily project at the Aventura Corporate Center was approved for increased density and height. Newly formed real estate firm GrowIn Group is also making its development debut in the area with plans for two 32-unit condo buildings in the nearby Ojus neighborhood.
The consolidation of ownership at Aventura City Center simplifies the project’s governance structure at a critical time. With sales already underway for the Viceroy Residences component, having a single ownership group could streamline decision-making and accelerate the construction timeline. The project’s location near both the Aventura Mall and the Brightline station positions it to benefit from the ongoing investment in transit-oriented development throughout the Miami-Fort Lauderdale corridor.
The deal also reflects a broader pattern in South Florida real estate, where partnerships formed during the land acquisition phase are frequently restructured as projects move into the execution stage. With land values having appreciated significantly since the 2022 acquisition, the buyout likely reflects both the increased value of the site and the strategic priorities of the respective partners.
For Aventura, a city that has transformed from a quiet suburban enclave into a dense, transit-connected urban center, the Aventura City Center project represents another step in its evolution. The combination of residential, hotel, and retail space near the Brightline station aligns with the broader vision of creating walkable, transit-oriented communities throughout the region.
The Marriott-branded hotel component of the project is particularly significant for Aventura, which has been expanding its hospitality offerings to serve visitors drawn by the Aventura Mall — one of the largest shopping centers in the United States — and the nearby Gulfstream Park. The 153-room hotel, with its rooftop lounge, lobby bar, and meeting space, would provide a new option for business and leisure travelers in a submarket that has seen growing demand from both domestic and international visitors.
The residential tower’s amenities — including a pool deck, fitness center, clubroom, coworking space, spa, and pet amenities — reflect the increasingly competitive nature of the South Florida condo market. Developers are under pressure to offer lifestyle features that go beyond traditional apartment basics to attract buyers who have numerous options across the region. The inclusion of coworking space, in particular, acknowledges the shift toward remote and hybrid work that has become a permanent feature of the post-pandemic landscape.
The buyout also comes amid broader changes in the South Florida development landscape. With construction costs rising and financing becoming more selective, projects that have already secured entitlements and begun sales are increasingly valuable. The Aventura City Center project, which has already launched sales for its Viceroy Residences component, represents a relatively de-risked opportunity for BH and Apollo as they move forward without their former partner.
Industry observers will be watching the project’s progress closely, as Aventura continues to attract investment from both local and national developers. The city’s combination of transit access, retail amenities, and central location between Miami and Fort Lauderdale positions it as one of South Florida’s most dynamic submarkets for mixed-use development in the years ahead.
Sources: The Real Deal South Florida, The Real Deal – Original Aventura Land Acquisition, The Real Deal – Flow Aventura Project
