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Real estate investment chief flips Coral Gables spec home for $5M
Christopher Kallivokas and his wife, Rosalia, bought the house in September and completed construction
A real estate investment firm chief flipped a Coral Gables spec home for $5.2 million to a Massachusetts couple.
Property records show the founder and CEO of Miami-based RER Ventures, Christopher Kallivokas, and his wife Rosalia, sold the house at 927 Valencia Avenue. The buyers are Miguel F. Londono and his wife, Mary C. Londono. The Londonos financed their purchase with a $3.6 million loan from Boston-based Silicon Valley Bank, records show.
Kallivokas founded RER Financial in 1989. The firm specializes in commercial real estate debt restructuring, loan sales and valuation, real estate turnarounds, government contracting, financial analysis and high yield real estate investing, according to Kallivokas’ LinkedIn page.
The 6,764-square-foot house sits on a nearly half-acre lot and was completed last year. It has six bedrooms, seven full bathrooms and one half-bathroom, according to Redfin.
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Mauricio Barba with Compass Florida had the listing, and Daysi Morey with Berkshire Hathaway HomeServices represented the buyer. The house was listed for $5.3 million in December, according to Redfin.
The Kallivokas bought the property in September for $4.6 million, according to records. They put the finishing touches on the home’s construction, which began with the previous owner, shown in records as Jorge Mederos. He owned the property through a series of entities.
(Courtesy of iUsePhotography)
Now, the Kallivokas are looking at waterfront properties, Barba said.
RER Ventures has made several high profile deals in South Florida. In 2013, the firm purchased the Gateway Industrial Center in Fort Lauderdale, a 4.6-acre complex of warehouse and manufacturing space, for $3.3 million. RER sold the property two years later for $5.3 million.
Before buying this property, the Londonos sold their waterfront Brickell Key condo for $2.3 million, records show.
Demand for luxury homes remains strong in Coral Gables.
In February, Jon Paul Pérez, president of the Related Group, bought a waterfront teardown for $8.8 million.
Also last month, an interior designer and a board member of Miami-based Baja Ferries sold a waterfront spec home for $13.3 million to the founder and CEO of Miami-based Kolm Entertainment. And a Miami real estate investor paid $6.4 million for a waterfront teardown.