Chicago investment firm exec pays $21.4M for PH at Four Seasons Residences at the Surf Club

The penthouse sale marks the largest trade yet at the luxury condo resort

Jul.July 05, 2017 02:15 PM

Four Seasons Residences at The Surf Club rendering. Inset: Michael J. Sacks

Michael J. Sacks, CEO of Chicago-based GCM Grosvenor investment firm, just bought a penthouse at the Four Seasons Residences at The Surf Club, property records show.

Sacks paid $21.5 million for unit N-PH5 at the newly completed 9-acre Surf Club project at 9101 Collins Avenue in Surfside, and financed it with a $10 million loan from JP Morgan Chase Bank. GCM Grosvenor has $50 billion in assets under management, according to its website. Oren Alexander of Douglas Elliman represented the buyer.

Records show Fort Partners sold the condo under the entity SC Residences Condominiums LLC. The development includes a 72-room hotel, two 12-story residential towers, a private club, two restaurants, four swimming pools, cabanas, a gym, oceanside gardens and a park.

It was designed by Pritzker Prize-winning architect Richard Meier with Kobi Karp of Kobi Karp Architecture & Interior Design, and was built on the site of the former private beach club founded in 1930 by Henry Firestone Club and designed by Russell Pancoast.

Fort Partners paid $116 million for the site in 2012. Thirteen units have closed in Miami-Dade County records since the hotel held a grand opening in March. The penthouse sale marks the largest trade yet at the luxury condo resort.

In a previous interview with The Real Deal, Fort Partners CEO Nadim Ashi said the development hit $1 billion in condo presales. Condo units range in price from $3.4 million to $18 million, and in size from 1,400 square feet to more than 7,000 square feet. The average price per square foot is about $2,400, according to Ashi.

Sacks joins the list of other moguls who have bought a slice of the Surf Club. A month ago, telecommunications tycoon Rajendra Singh paid $6.8 million for a unit. Singh, the founder of Telcom Ventures and Digital Service Corp. signed with wife Neera and closed on unit N-715. Also last month, former Publix Super Markets CEO Charles Jenkins Jr. spent $6.1 million for unit N-1011.

Other projects in Surfside include the recently completed Fendi Chateau Residences, Jason Halpern’s planned luxury boutique condo Surf House, and ASRR Capital’s planned Arte by Antonio Citterio, which is just a block away from the Surf Club.

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