The Real Deal Miami

Investment manager pays $9.8M for Faena unit

Building has sold roughly 50 percent of its 44 units

September 28, 2015 12:00PM
By Sean Stewart-Muniz

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Renderings of Faena House

Renderings of Faena House

It’s been a big week for the newly built Faena House condo tower in Miami Beach. First, an unknown buyer paid $60 million for the building’s penthouse. And now an investment manager and his wife have closed on a $9.8 million unit on the ninth floor.

Brian and Randye Kwait, a couple from Greenwich, Connecticut, just closed on their purchase of unit 9-B at Faena. According to the developer’s floor plans, the unit has 5,466 square feet of indoor and outdoor space. It has four bedrooms, five bathrooms, a private elevator room that acts as an entrance to the unit, and a large terrace that runs the length of the residence.

Brian Kwait is a founding member of Odyssey Investment Partners, a private equity company with offices in New York and Los Angeles. It’s raised more than $5 billion in funds since the company was formed in 1998, according to its website.

Since Faena House was completed early this month, roughly 50 percent of the building’s 44 units have been sold, Faena Group’s Alicia Goldstein told The Real Deal.

On Friday, the 18-story tower’s penthouse closed for an incredible $60 million. The buyer purchased the unit through a company named STHA. It was incorporated in Delaware, which has opaque public records, so details about the LLC were not available.