Nahla Capital has selected Compass to lead sales and marketing for the Raleigh Rosewood Residences, a luxury condominium and hotel project in Miami Beach. Nahla Capital, a private equity firm based in New York and led by Genghis Hadi, purchased the 3-acre oceanfront property for $270 million in October. The site includes the historic Raleigh hotel located at 1775, 1757, and 1751 Collins Avenue. Developer Michael Shvo and his partners have left the project, which was previously represented by One Sotheby’s International Realty.
The new sales team from Compass features agents Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena, and Liz Hogan. Morgan Ball, senior managing director of Florida for Compass’ development marketing division, and Kastanis were involved in securing this assignment beginning last year.
Kastanis commented on the new approach: “The brokerage community becomes your buyer,” he said. “One thing that will have changed is the sales approach. As much as it will be private and exclusive, it’s going to be approachable.”
A director of sales and an updated timeline for relaunching sales will be announced later by the developer. Ball noted that Compass has a “long and extensive” relationship with Nahla Capital, having also worked on the Rosewood Residences Beverly Hills project.
Compass secured this exclusive agreement over competitors such as Douglas Elliman and Corcoran Group.
The Raleigh project is situated on an area developers call “Billionaires’ Beach,” which includes other high-profile developments like the Shore Club Private Collection. This area also features a 49-unit Auberge-branded condominium and a 75-key hotel under construction at 1901 Collins Avenue by Witkoff and Monroe Capital. A penthouse at the Shore Club is reportedly under contract for more than $120 million—equating to over $11,000 per square foot.
Originally designed by L. Murray Dixon, the Raleigh hotel is recognized for its Art Deco style and pool. Under Shvo’s leadership, original buildings were gutted after obtaining approval for a new 17-story luxury condo tower on the site. Plans included 44 condos, a private members’ club, and a hotel component with designs by Peter Marino and Kobi Karp Architecture & Interior Design.
In January, Nahla Capital filed a lawsuit against the seller related to use of Marino’s designs.
Previously, Official—a Side-backed firm co-founded by Oren and Tal Alexander—was chosen to lead sales before allegations of rape and sexual assault surfaced against the Alexander brothers. Following those reports, One Sotheby’s took over sales with agent Anna Sherrill returning after her brief tenure at Official.
