Buyer revealed: Related exec drops $6M on Miami Beach home

Michael Capponi developed the waterfront spec home

TRD MIAMI /
Jan.January 27, 2016 04:15 PM

The president and CEO of the Related Group’s development division has a new Miami Beach home.

Related’s Steve W. Patterson and his wife, Carly Patterson, paid $6.2 million for the waterfront spec estate at 2901 Flamingo Drive, Miami-Dade County records show. Patterson has worked with the Miami-based developer since 2010 and is responsible for all multifamily and mixed-use developments, according to the company’s website.

The Patterson’s new home has six bedrooms, seven full bathrooms and one half-bath. It was built last year and features a whopping 300 feet of water frontage, a gourmet kitchen, staff quarters, a pool and private dock on the Intracoastal. The 6,700-square-foot home sits on a nearly 20,000-square-foot lot.

The seller is 2900 Flamingo Drive LLC, which is managed by Jose J. Iglesias. Michael Capponi, chairman and co-founder of Capponi Group Corp., developed the home. The LLC bought the property in May 2013 for $1.82 million. The spec home replaced a predecessor home, built in 1935, with 3,853 square feet.

The sale marks a record on the street that was previously held by a $3.6 million deal in November.

Oren Alexander, co-founder of the Alexander Team at Douglas Elliman, represented the seller, while Dona McLachlan of Esther Percal’s team at EWM International Realty brought the buyer. Alexander listed the property in October for $6.495 million.

 
 

Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
From left: Jorge Pérez, Stuart Miller, Craig Robins, Louise Sunshine, and Russell Galbut,(Credit: Patrick McMullan via Getty Images)

Here are the South Florida real estate players who donated to candidates in 2020

Here are the South Florida real estate players who donated to candidates in 2020
Mark M. Rubin & Howard M. Lorber

Movers & Shakers: Related taps Douglas Elliman for condo sales & more

Movers & Shakers: Related taps Douglas Elliman for condo sales & more
Jorge Perez, Mario Procida, and Lewis Swezy (Credit: Sergi Alexander/Getty Images)

Miami-Dade approves three affordable housing redevelopment projects for south Dade

Miami-Dade approves three affordable housing redevelopment projects for south Dade
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
Jorge Perez and Apogee Beach

Jorge Pérez lists Apogee Beach penthouse for $7.6M

Jorge Pérez lists Apogee Beach penthouse for $7.6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...