Westdale CEO sells Miami Beach condo for $16M
Seller bought the unit for $7M in 2008
Joseph Beard, co-founder of Westdale, sold his unit at Apogee in Miami Beach for $15.5 million.
Records show Westdale Apogee LLC, led by Beard, sold unit 1904 at 800 South Pointe Drive to Howard C. Draft and Louis R. Malikow, as trustees of The Howard Craig Draft Living Trust.
Beard is president and CEO of Westdale Real Estate Investment and Management, a Dallas-based real estate company that specializes in acquiring, managing and developing multifamily, office, retail, mixed-use and debt pools, according to its website. Westdale manages 40,000 units in 13 states. Beard co-founded the company in 1991.
Westdale is active in South Florida, and recently paid $97 million for a multifamily project in West Miami.
Records show Beard sold a South Beach penthouse in 2018 for $8.7 million.
The buyer of the Apogee unit, Howard C. Draft, is executive chairman of Draftfcb, a global marketing communications company headquartered in New York, according to his LinkedIn. Draft is also a board member of exercise equipment and media company Peloton.
Records show Beard bought the 3,731-square-foot unit, through Westdale Prop America I LTD, for $7 million in 2008. He changed ownership to Westdale Apogee LLC in 2010.
He listed the Miami Beach condo in May of last year for nearly $17 million. The listing was removed in January and re-listed for the same price in February, according to Zillow. It sold for $3,852 per square foot.
Luis Gonell of Compass represented the seller, and Dora Puig with Luxe Living Realty represented the buyer.
Property records show the unit has four bedrooms and three-and-a-half bathrooms.
Related Group developed the 22-story condo Apogee in 2007. Recent deals at the condo tower include an apartment developer buying a condo for $7.5 million, and a JLL vice chairman spending $6.4 million for a unit.