Florida company BH3 Management has purchased the property for condo conversions
Cavalleri, a 68-unit, four-building property at 6847 Cavalleri Road, has been acquired by BH3 Management, a Florida real estate investment and development concern, according to real estate industry publications posted on the company’s website. The 10-acre, four-building property was built in 1993 and was originally known as Villa Malibu. The property underwent extensive renovations in 2018 and was renamed Cavalleri.
The property is built in classic Spanish Mission architecture and has two- and three-bedroom residences, including townhomes and penthouses, and features amenities including a pool with cabanas, a hot tub, a fitness center, an entertainment pavilion with outdoor dining, a barbecue and a fireplace, a dog park, a fitness center, and tennis courts. A quarter of its units offer Pacific Ocean views.
Although Cavalleri has operated as a rental for many years, the property was originally built as a condominium complex, according to the property’s website.
BH3 Management is a vertically integrated company that primarily invests in New York and Florida properties, including Trump Hollywood in Florida. The firm financed the acquisition by obtaining a $75 million loan from Maxim Capital, according to the Los Angeles Times and Connect CRE. The price per unit amounted to $1,029,412.
Stating that there has not been any “meaningful inventory” of condos in Malibu in the past 15 to 20 years, BH3 Management Co-CEO and firm co-founder Daniel Lebensohn told Bloomberg, “Malibu is rare earth, with limited development having taken place and a scarcity of opportunities available today.” He also stated that Malibu, “consistently ranks as one of the most desirable beach communities in the country, marrying Southern California’s laid-back vibe with a quiet resort-style campus. This property is quintessentially Malibu. We are humbled by the opportunity to be part of the Malibu community.”