Canero Group completed a full condominium buyout at Chateau Grove, a 25-unit building at 3265 Virginia Street in Coconut Grove. Jose Canero’s affiliate WNG Miami acquired all units for $17.3 million, with financing from Rok Lending and Aries Capital representing the buyer. The two-story property, built in 1963 on nearly an acre with T4-L zoning, had not yet completed its 60-year recertification; the City of Miami’s Unsafe Structures Board granted the new ownership a six-month extension to submit recertification. The deal was brokered in-house by Michael Axel Neree, Maria Patty Bolanos, and Raquel Rivas, and came together in about six months despite Canero’s long-standing interest in the asset.
Canero is operating the units as rentals to generate immediate cash flow, in partnership with Maria Bustamante and Juan Puig, with the option to pursue redevelopment later. The site sits north of Cocowalk and amid strong luxury development in the Grove, including Terra’s Well Coconut Grove. The acquisition reflects a strategic bet on a well-located older condo in a high-demand neighborhood, with flexibility for both near-term income and future value creation.
