McDowell Properties execs pay $7M for Palazzo del Sol unit
Two top executives of a Dallas-based multifamily real estate firm paid $7 million for a developer unit at Palazzo del Sol in Fisher Island.
Records show William Patrick McDowell and Camille McDowell bought unit 7071 at the building, which was completed in March by PDS Development, led by Heinrich von Hanau. They financed the deal with a $3.5 million mortgage from First Republic Bank.
W. Patrick McDowell is president and CEO of McDowell Properties, while his wife Camille is director of asset design. The company has acquired more than $2.1 billion of real estate assets since it was created in 2004, according to its website. McDowell Properties is based in Dallas with offices in Miami, San Francisco, New York and Raleigh.
The Fisher Island unit is an upgrade for the McDowells. Records show they also own a condo at the Four Seasons Miami, which is not on the market.
Dora Puig, director of sales and marketing for Palazzo del Sol and broker at Luxe Living Realty, declined to comment on the buyers’ identities, but said they are hiring a Palazzo-referred designer to finish the 3,835-square-foot unit. Puig and sales associate Lera Pinneri represented the developer, and Rose Bauer of Rivero Real Estate represented the buyers.
The corner unit is on the west side of the building with views of Star Island and the Miami Beach Marina, Puig told The Real Deal. It has three bedrooms and a 1,704-square-foot wraparound terrace. She said the buyers “fell in love” with the views.
The price breaks down to $1,825 per square foot.
The building’s 43 units range from roughly 3,800 square feet to 9,800 square feet. Buyers include high-profile attorney Jim Ferraro, Azerbaijani billionaire Aras Agalarov, and Yard House founder and CEO Steele Platt. Puig said about 14 units are still for sale at Palazzo.
Accessible only by ferry or boat, Fisher Island is home to fewer than 1,000 families including athletes, entertainers, CEOs and billionaires. Its zip code ranks among the top nationwide for per-capita income.