Tech entrepreneur pays $8M for Continuum South Beach condo
Founder of tech firm that acquired Constant Contact for $1B buys Miami Beach condo
Tech entrepreneur Hari Ravichandran paid $8 million for a condo at the Continuum in South Beach, The Real Deal has learned.
Ravichandran is the founder and former CEO of Burlington, Massachusetts-based Endurance International Group, which acquired Waltham, Massachusetts-based Constant Contact, an online marketing company that focuses on email campaigns, for $1.1 billion in 2016. It later sold Constant Contact.
He closed on unit 3507 at the 40-story south tower at 100 South Pointe Drive in Miami Beach, according to sources.
Property records show the trust of James Arrigoni sold the three-bedroom, three-bathroom unit. It spans 2,954 square feet and sold for $2,708 per square foot. Arrigoni, who died this year, paid $2.7 million for the condo in 2005, records show.
Eddy Martinez and Roland Ortiz of One Sotheby’s International Realty represented the seller. The unit hit the market in August for about $8.5 million. Alex Algarin of Compass represented the buyer. The agents all declined to comment.
Ravichandran is now founder and CEO of Aura, a digital security tech company based in Burlington, Massachusetts, according to his LinkedIn. While at Endurance, he agreed to pay a settlement of close to $1.4 million over allegations he misled investors, according to the Boston Business Journal and releases from the Securities and Exchange Commission.
Luxury condo sales have surged this year in South Florida, in part due to the limited inventory of homes.
Retired Nascar driver Brian Vickers recently paid $6.3 million for a unit one floor above Ravichandran’s at the Continuum. In June, two former Morgan Stanley executives sold their three combined units at the Continuum for $30 million.
Ian Bruce Eichner developed the two-tower Continuum complex in 2003 and 2008. In April he sold his penthouse there for $35 million.