• Arnaud Karsenti: betting big on Miami real estate

    Timing is everything in real estate.

    When Arnaud Karsenti got serious about real estate investing, the South Florida market was in the tank, and buying and selling distressed property was the way to go.

    As the market revived, the longtime Miami resident changed tack to focus on new development. But either way, he says, the company’s strategy remains value investing — purchasing at a disciplined price with an eye to finding an opportunity to add value.

    Karsenti’s 13th Floor Investments has raised capital through real estate funds. And in recent times, many of his deals are jointly developed with Key International Realty. Those include 400 Sunny Isles and 1010 Brickell, both high-rise condominium projects, and The Harbour, two 26-story condo towers planned for North Miami Beach.

    In August, 13th Floor and Key International formed a partnership with the Related Group to acquire a 2.4-acre parcel at 4000 S. Ocean Dr. on the Intracoastal Waterway in Hollywood at a foreclosure auction. The group plans to develop a mixed-use condominium-hotel, with construction starting in the second half of next year.

    Karsenti sat down with Business Monday to talk about his business and then answered questions via email.

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