Miami billionaire Mike Fernandez flips PH in Coconut Grove

He sold it for $142K more than he paid in December

Oct.October 03, 2019 11:30 AM
Mike Fernandez and Park Grove (Credit: Wikipedia)

Mike Fernandez and Park Grove (Credit: Wikipedia)

Less than a year after buying a luxury penthouse in Coconut Grove, billionaire and health care mogul Mike Fernandez has flipped the unit.

In December, Fernandez paid $6.44 million for upper penthouse 1 at Two Park Grove at 2821 South Bayshore Drive. Now, he’s sold the condo to 2PG UPHB LLC, a Delaware company, for $6.58 million, a difference of about $142,000. The profit wouldn’t cover the fees associated with selling a condo, including paying the standard 6 percent commission.

The Related Group and Terra developed the three-tower, 297-unit condo complex. The second tower, where Fernandez purchased his penthouse, is 23 stories tall with 67 units. It was completed in June 2018.

Fernandez, a Coral Gables businessman who made his money in the healthcare industry, owns a sprawling waterfront estate at 1 Arvida Parkway in the Gables Estates community of Coral Gables. His private equity firm, MBF Healthcare Group, is also based in the Gables.

Other unit owners at Park Grove include Brahman Capital Management founder and principal Peter Hochfelder and Ryder System executive Eugenio Sevilla-Sacasa.

Park Grove includes Tigertail + Mary, a restaurant by Miami restaurateur and chef Michael Schwartz, a gym, spa, sauna and steam rooms and a wine tasting room. It was designed by Rem Koolhaas’ OMA and Arquitectonica with interiors by Meyer Davis Studio.

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