The Real Deal Miami

Hedge funder Stuart Zimmer pays $19M for Mansions at Acqualina PH

Zimmer Partners held a market value of about $3.65 billion as of September
By Katherine Kallergis | December 14, 2016 11:15AM

Renderings of Mansions at Acqualina (Credit: Neoscape)

Multimillionaire hedge funder Stuart Zimmer and his wife Jennifer paid $18.78 million for a penthouse at the Mansions at Acqualina.

Records show the Zimmers closed on units 4601 and 4602 at the luxury condo tower, at 17749 Collins Avenue in Sunny Isles Beach. And it’s not the first for the Zimmers.

Zimmer is the founder and CEO of New York City-based Zimmer Partners, an energy-focused fund manager that invests in public equity and fixed income markets. As of Sept. 30, Zimmer Partners held a market value of about $3.65 billion, according to its Nasdaq page.

Penthouse 4601 features a saltwater pool on the balcony, cocktail bar, private elevator foyer entry, master suite and more, according to Below, Brosda & Bentley. It was asking $60,000 a month as a rental last year, the brokerage said in a blog post.

In 2013, the Zimmers paid $11.5 million for unit 4501, also a penthouse, at the neighboring Acqualina, bringing their total to more than $30 million. Hedge fund manager Darren Davy and his wife Asmaa sold them that unit.

Records show the developer just provided the Zimmers with a $10 million mortgage for all three Acqualina units.

The Trump Group, led by Jules and Eddie Trump (of no relation to the president-elect), completed the 47-story, 72-unit building in August 2015. All units have summer kitchens and hot tubs. Common areas are decorated with Fendi Casa furnishings, and the Mansions’ lobby features walls of wood, marble, leather and fabric, and two Swarovski chandeliers, each with 30,000 crystals, carrying a price tag of $250,000.

Mansions is the second Acqualina-branded tower and will be followed by Estates at Acqualina, expected to open in 2020.

Other buyers include PCS Wireless co-founder and CEO Chaim “Ben” T. Nash, video game developer and software company executive Joel Hochberg and Riese Organization Chairman and CEO Dennis Riese.