The Real Deal Miami

Chicago private equity boss picks up Coconut Grove home

$8.1M deal marks the highest price paid for a non-waterfront home in the Grove since 2016
By Amanda Rabines | November 19, 2018 03:30PM

1641 South Bayshore Drive, Donald J. Edwards and Lourdes Alatriste

UPDATED, Nov. 19, 5:05 p.m.: The CEO of a private equity investment firm in Chicago paid $8.1 million for a home in Coconut Grove.

Developer Fernando Guardazzi sold the nearly 10,000-square-foot mansion at 1641 South Bayshore Drive to Donald J. Edwards, who heads Flexpoint Ford, sources said. The Chicago firm has raised more than $2.3 billion in capital and specializes in investments in financial and healthcare industries, according to its website.

Carole Smith and Kefryn Reese of Compass represented the buyer. Engel & Völkers’ Lourdes Alatriste had the listing. Alatriste declined to comment on the buyer.

The deal marks the most-expensive home sale for a non-waterfront house in the Grove since the $12.5 million sale of 8950 Arvida Drive in 2016, a spokesperson for Engel & Völkers said.

Edwards’ six-bedroom home sits on a 30,375-square-foot lot and features a koi pond, an infinity edge pool and summer kitchen.

Records show an Bayshore Drive LLC, led by Guardazzi, paid $1.15 million for the property in 2013. The seller began marketing the property before it was completed with Cervera Real Estate in 2016.

An earlier version of this story incorrectly stated that the home is in Coral Gables. It’s in Coconut Grove.