Apollo’s Marc Rowan sells One Ocean condo at a loss

Private equity billionaire lost about $500k in 2 years on the South Beach unit

Mar.March 20, 2018 11:30 AM

One Ocean unit 701 and Marc Rowan

Apollo Global Management co-founder Marc Rowan just sold his One Ocean condo in Miami Beach at a loss, property records show.

The private equity billionaire’s MCR Holdings LLC sold unit 701 at 1 Collins Avenue to Rodolfo Casasola and Jill Marker for $6.5 million. Rowan’s LLC paid slightly over $7 million for the four-bedroom, 3,420-square-foot condo when the building was completed in 2016, marking a loss of about $500,000.

Rowan is worth about $3.2 billion, according to Forbes. Apollo is one of the biggest private equity firms in the U.S. with $232 billion in assets.

Eloy Carmenate and Mick Duchon of Douglas Elliman represented the seller, and Daniel Falcon and Bernardo Gonsalves of Gary Hennes Realtors represented the buyers, according to Redfin. It sold for about $1,900 per square foot.

The Related Group, led by Jorge Perez, built the 46-unit luxury condo development and Mexican architect Enrique Norten designed the project. That same year, Perez listed his penthouse for $20 million — more than quadruple his purchase price. It was later taken off the market.

Related Article


Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

Pompano upzones Ocean Boulevard site for 19-story condo next to city park