Commercial real estate investor iStar Financial (SFI) acquired luxury Miami Beach real estate condominium project South of Fifth. The oceanfront property includes 28 residential units, three office units and one retail unit. The price of the acquisition was not publicly disclosed, nor was the seller. Cervera Real Estate was recruited to manage the property's marketing and sales efforts. Senior Vice President of iStar Anthony Burns said his firm has big plans for the complex, including a multimillion-dollar redesign of the seven-story building. "iStar is excited to begin work on South of Fifth, and we're confident our successful repositioning of the property will only further complement the property's already world-class South Beach location," Burns said. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.