Malibu Apartment Set for Condo Conversions After BH3 Management’s Acquisition of Cavalleri Malibu

A large Malibu apartment building is set for condo conversions with BH3 Management’s $70.5-million acquisition of Cavalleri Malibu, a 68-unit building at 6487 Cavalleri Road. The property was acquired by the Florida-based company with plans to begin selling units early next year.

Cavalleri Malibu is a beachfront community in the Point Dume neighborhood. The property is comprised of four buildings with two- and three-bedroom units. A quarter of the units have ocean views. Although it has operated as a rental for many years, the property was originally built as a condominium. Amenities include a pool, fitness center and tennis courts.

BH3 Management was founded in 2009 and primarily invests in multifamily properties in Florida and New York.