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South Florida

Hedge fund founder spends $14M on Apogee condo in South Beach

Unit sold for $3,286 psf

Jeffrey L. Gates and Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, Google Maps)
Jeffrey L. Gates and Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, Google Maps)

A managing partner of a New York-based hedge fund bought a condo at Apogee in Miami Beach for $13.7 million.

Records show Jeffrey L. Gates and his husband, Richard Michael Moran, bought unit 1501 at 800 South Pointe Drive from Ramiro Garza.

Gates founded Gates Capital Management in 1996, and is a managing partner and a member of the investment committee, according to the firm’s website. Moran is a real estate agent at Douglas Elliman, focusing on New York City and the Hamptons, according to the brokerage’s website.

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The 4,154-square-foot condo sold for $3,286 per square foot.

Garza listed the unit in August for $14 million. Dora Puig with Luxe Living Realty represented the seller, and Ethan Pickett of Douglas Elliman represented the buyer.

Records show Garza purchased the four-bedroom, three-and-a-half-bath condo for $5.3 million in 2008, and remodeled it in 2009. The Related Group developed the 22-story, 68-unit Apogee in 2007.

In March, the head of a private equity firm spent $11.5 million on a condo at Apogee, and the former president of Hyatt Hotels Corp. sold a unit for $7.5 million.