Entity tied to private equity firm buys Coconut Grove spec home for $5M

Seller completed the house this year

3608 Stewart Ave, Miami (Redfin)
3608 Stewart Ave, Miami (Redfin)


An entity tied to a real estate private equity firm purchased a spec home in Coconut Grove for $5.4 million.

Dearborn Capital Management LLC, tied to Dearborn Capital Group, bought the house at 3608 Stewart Avenue in Miami from Ruegroup LLC, a Florida company. Brown Harris Stevens agent Anabella Hidalgo signed for Ruegroup LLC as an authorized member.

Dearborn Capital Group is a real estate private equity and asset management firm based in New York City, according to its website.

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Property records show Ruegroup bought the property as an empty lot in 2017 for $1.6 million and began building a three-story home in 2018. The home was completed this year and went on the market in May with an asking price of $5.6 million.

Hidalgo represented Ruegroup, while David Siddons of Douglas Elliman represented Dearborn Capital.

The 7,369-square-foot house was built by ICH Builders and designed by Jose Sanchez of Praxis. The home has seven bedrooms and seven-and-a-half bathrooms. Other features include a 250-plus glass wine room, elevator, five carports and a pool, according to the listing.

Coconut Grove has been an attractive destination for buyers in recent months. The director of a cryptocurrency trading company sold his Coconut Grove mansion for $6.7 million.

Also, Greenberg Traurig’s senior chairman bought a penthouse at One Park Grove for $7.3 million, and Miami billionaire Mike Fernandez sold a unit at Grove at Grand Bay for $8 million in September.

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