Private equity power couple sell 36th floor condo for $30M

Deal for massive unit at Continuum South Beach said to be priciest psf ever at complex

Miami /
Jun.June 18, 2021 04:30 PM
Karen H. Bechtel and Continuum South Beach (100 South Pointe Drive, Miami Beach) (Bechtel via Carlyle)

Karen H. Bechtel and Continuum South Beach (100 South Pointe Drive, Miami Beach) (Bechtel via Carlyle)

Two former Morgan Stanley executives sold their three combined units at Continuum South Beach for $30 million.

Karen Bechtel and her husband William McKinley Osborne III acquired the 36th floor sky mansion in 2014 for $21 million, records show. Units 3602, 3603 and 3604 — which have been combined into one — total 8,229 square feet. The two-tower complex in Miami Beach was developed in 2003.

Bechtel formerly worked as a managing director at Morgan’s private equity group for 28 years. She currently serves as a senior adviser at New York-based Carlyle Group, according to its website. Osborne was a managing director at Morgan Stanley from 1980 to 1991.

William McKinley Osborne, III (Meals for Heroes Miami)

William McKinley Osborne, III (Meals for Heroes Miami)

The unit buyer was listed as MFTMA Holding LLC, a Delaware corporation. The sale price penciled out to $3,646 a foot. That was reportedly Continuum’s priciest sale per square foot, and the fourth most-expensive condo deal in Miami Beach since 2005.

Sheila Michelle Rojas of Brown Harris Stevens had the listing with Constantin Gorges of Compass. Talita Pinheiro of Compass represented the buyer.

The condo listed in March, asking $36.5 million. It has six bedrooms and five and a half bathrooms. Other features include a two-story main suite, two kitchens, a theater and 3,704 square feet of balconies. A month after it hit the market, Bechtel and Osborne bought a 21,235-square-foot mansion in Tahiti Beach for $28.9 million.

With Miami Beach home sales in overdrive, Continuum developer Ian Bruce Eichner has also gotten in on the activity. He sold his penthouse in the complex for $35 million in April. That price was significantly under the $48 million he listed the property for two years earlier.

In another recent sale at Continuum, the founder and CEO of a fintech company bought a pair of combined units for $12.1 million.





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