El‑Ad National Properties has written a $45.5 million check for Chateau Grove, a 25‑unit condominium at 3265 Virginia Street in Coconut Grove, giving the Boca Raton developer its first foothold inside the neighborhood and setting the stage for a likely redevelopment. For now, the two‑story complex remains occupied as rental apartments while the company figures out its next move.
What El‑Ad bought
Through an affiliate named El‑Ad 3265 Virginia LLC, the firm acquired Chateau Grove, a 25‑unit, two‑story building at 3265 Virginia Street, paying $45.5 million for the property, according to The Real Deal. The structure spans roughly 20,500 square feet and has been run as a rental community while the asset has traded hands. The deal marks El‑Ad’s first purchase inside Coconut Grove.
A quick flip
The acquisition officially closed on May 14, 2026, and the nearly one‑acre parcel sits on about 0.9 acres, as reported by Florida YIMBY. The Canero Group had picked up the property for roughly $17.3 million just last year, turning the site in short order, and Omar Morales of Berkadia represented the seller in the latest trade. Bulk buyouts and rapid flips have become a common playbook in Coconut Grove’s condo market, according to Commercial Observer.
Plans and portfolio
El‑Ad is framing the purchase as its formal entry into Coconut Grove and is openly treating the parcel as a potential redevelopment site. The company has been busy across South Florida, chasing waterfront development opportunities in North Bay Village and advancing condo projects in Boca Raton, according to CityBiz. For now, the firm has not filed design plans or permit applications for the Grove property.
Zoning and redevelopment potential
The site carries a T4‑L zoning designation, which typically allows low‑rise buildings but can be paired with Florida’s recent housing incentives to support denser development, The Real Deal notes. Industry sources point out that the prior owner terminated the condo association, a procedural step that helps clear title and streamlines future redevelopment options. Any actual project would still have to wind its way through city permitting and likely face neighborhood review.
Why developers want the Grove
Developers and investors have been stitching together land across the Grove, drawn by limited waterfront views and a tight supply of buildable lots. Recent activity includes larger tower proposals and bulk acquisitions that target older mid‑century buildings for replacement with higher‑end condos, a pattern flagged by Commercial Observer. That same wave of interest has fueled a louder preservation conversation among nearby residents and local officials.
Looking ahead
“Coconut Grove continues to stand out,” El‑Ad CEO Matthew Jeffries said in a company statement, signaling that the firm views this as a beachhead for a larger South Florida push. The developer plans to study the site’s potential and move through the permitting process before rolling out any formal proposal, according to Community News.
