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South Florida

Multifamily developer spends nearly $8M on Apogee unit

Unit sold for $2,730 psf

From left: Howard Frank Auman and Patrick J. Peyton with Apogee at 800 South Pointe Drive, Miami Beach (Photos via Signature Property Group, PAMM, Sieger Suarez Architects)
From left: Howard Frank Auman and Patrick J. Peyton with Apogee at 800 South Pointe Drive, Miami Beach (Photos via Signature Property Group, PAMM, Sieger Suarez Architects)

A North Carolina apartment developer purchased a condo at Miami Beach’s Apogee for $7.5 million.

Records show Howard Frank Auman, III, and his wife, Lindsey Weir Auman, bought unit 1603 from Darioush Miami LLC, a Florida corporation led by Patrick J. Peyton.

“Frank” Auman founded Greensboro, North Carolina-based Signature Property Group in 1990. The company has developed over 6,000 multifamily units in Greensboro, Raleigh and Charlotte, according to its website.

The seller, Peyton, is CEO of Miami-based investment firms Camden Management and The Peyton Group, according to his Linkedin page. Peyton was formerly CEO of Minneapolis-based Despatch Industries, which he acquired in 2007, according to Solar Industry.

He also has served on the board of directors for the Alzheimer’s Impact Movement.

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Peyton bought the condo for $6 million in 2011, records show.

The unit hit the market in August for $8.2 million. The price dropped to $7.9 in January. It sold for $2,730 per square foot after 333 days on the market, according to condo.com.

Danny Hertzberg and his sister Hillary Hertzberg with Coldwell Banker’s The Jills Zeder Group represented the seller, and Mark Zilbert of Brown Harris Stevens represented the buyer.

The 2,756-square-foot condo has three bedrooms and three-and-a-half bathrooms. According to the listing, the unit was offered fully furnished.

Apogee, at 800 South Pointe Drive in Miami Beach, was developed by the Related Group in 2007. Several units in the 22-story condo tower have traded recently. This month, a JLL vice chairman bought a unit for $6.4 million, and a managing partner of a New York-based hedge fund bought a condo for $13.7 million.