UPDATED, Jan. 5 2022, 10:50 a.m.: After selling a Coral Gables spec mansion in the spring, developer Rishi Kapoor just picked up a renovated waterfront home in the city’s exclusive Cocoplum neighborhood.
A Kapoor-managed entity paid $5.9 million for a 6,069-square-foot, five-bedroom house with six and a half bathrooms at 7233 Los Pinos Boulevard, according to records. The seller, an entity managed by Emilio Antelo of Miami, bought the property in 2014 for $4.1 million.
Kapoor is CEO of Coral Gables-based Location Ventures, which is developing two co-living projects in Miami-Dade County.
Maurice and Silvia Boschetti of Boschetti Realty Group represented Kapoor. Francis Pimentel de Matos and Maria de Armas, also with Boschetti, represented the seller.
The property was listed in 2019 for $4.6 million, but was taken off the market the same year, according to Zillow. It was relisted in July for $6.8 million, and had a sale pending in September for $6.5 million that did not go through, Zillow shows.
Built in 1983, the two-story home with a two-car garage was recently renovated, the listing states. The property also has a pool and an 80-foot boat dock.
In May, Kapoor sold a non-waterfront mansion in Coral Gables for $11.8 million. Tarigh Yusufi, who left New York-based Steadfast Capital Management earlier this year to found Miami-based Forest Avenue Capital Management, bought the two-story, six-bedroom home.
Location Ventures is redeveloping a commercial property at 1260 Washington Avenue in Miami Beach into a six-story mixed-use project. Urbin Miami Beach will have 69 condos, a restaurant, a rooftop pool deck, and micro-retail, according to records filed with the city.
Kapoor’s firm is also converting a property at 3162 Commodore Plaza in Miami’s Coconut Grove into a co-living building.
During the recent Miami Beach election, Mayor Dan Gelber’s re-election campaign received $9,000 in prohibited donations from entities managed by Kapoor. The developer was on a city list of real estate professionals barred from making campaign contributions because they have pending zoning applications or development agreements with Miami Beach.
Cocoplum has experienced its fair share of high-profile trades this year. In January, reggae star Shaggy dropped $2.2 million for a non-waterfront home. In June, developer Armando Codina and his wife, Margarita, sold a Gables Estates home to Christian Eiroa, owner of C.L.E. Cigars, for $9 million.
Also in June, MasTec CEO Jose Mas shelled out $9 million on a Cocoplum vacant lot. And in September, Bar Invest Group chairman and CEO Jacques Barbera and his wife Jeanne Barbera bought a waterfront home in the neighborhood for $16 million.
Editor’s note: After publication, Miami Beach officials told The Real Deal that Kapoor was erroneously included in the list of prohibited campaign contributors. His name has been removed.