Private equity investor buys Gables Estates waterfront home

A managing director at the private equity firm Warburg Pincus in New York just purchased a waterfront home in South Florida.

Chandler Joel Reedy, who heads late stage investments in technology and business services sectors for Warburg Pincus, paid $7.75 million for the 1.5-acre waterfront property at 300 Casuarina Concourse in Coral Gables, records show. Reedy has been with Warburg Pincus since 2004, according to his company bio.

James Kaufman, trustee of the Harold Noordhoek trust, sold the five-bedroom Gables Estates home. Noordhoek, who died in May, owned a number of Midas franchises throughout Florida.

The house was built in 1963 and will likely be torn down, according to the listing, which describes it as an opportunity to renovate, expand or redevelop the property. It has 200 feet of water frontage on a wide, deep water turning basin. It hit the market last year for nearly $11 million.

It was on the market with Matthew Elliott of the Olaniel and Elliott Team at Engel & Völkers. Lourdes Alatriste, also with Engel & Völkers, represented the buyer, according to Realtor.com. Elliott declined to comment and Alatriste could not be reached for comment.

The sale marks at least the third closing over $5 million in the gated Gables Estates community during the pandemic. Earlier this month, Leon Medical Centers founder Benjamin Leon Jr. sold the waterfront mansion at 620 Arvida Parkway in Gables Estates for $49 million, marking the second most expensive single-family home sale ever in Miami-Dade County.

Pharrell Williams also recently paid $30 million for the waterfront home at 700 Casuarina Concourse in Coral Gables, reportedly rushing to close so he could stay there during the quarantine.

Late last year, the assemblage of waterfront land at 21 Casuarina Concourse in Gables Estates hit the market for $49.9 million.