Related Group Development’s CEO buys flipped Miami Beach condo

Combined unit sold for $1.6 million more in five months

Miami /
Mar.March 23, 2022 11:30 AM

Related Group’s Steve Patterson (Related Group, Eddy Martinez Roland Ortiz at One Sotheby’s with Lux Hunters)

Longtime Related Group top executive Steve Patterson picked up a unit at an un-Related building in South Beach.

Patterson, president and CEO of Related Group Development, paid $10 million for a combined unit at the Continuum at 100 South Pointe Drive. The condo sold in October for $8.4 million. Digital marketing chief Jeff Herzog and his wife, Jill, sold unit 1201/1202 to Patterson, records show.

The 2,792-square-foot condo has four bedrooms and five bathrooms. Eddy Martinez and Roland Oritz with One Sotheby’s International Realty represented the sellers, while Jeri Jenkins of Coldwell Banker brought the buyer.

Patterson, a former Zom Holding executive, has been with Related since 2010 and leads the multifamily and mixed-use development division. The company, which last year moved its headquarters to Coconut Grove, has been expanding aggressively in Florida and nationwide.

Patterson and his wife, Carly Patterson, own other real estate in Miami-Dade County. In 2016, they paid $6.2 million for a waterfront home at 2901 Flamingo Drive in Miami Beach, which they still own.

Patterson declined to comment through a Related Group spokesperson.

Herzog is founder and CEO of Phoenix, Arizona-based ZOG Digital, an agency that has handled digital marketing for Allstate, Wyndham Hotels & Resorts, KitchenAid, Capital One, and the Hershey Company, according to its company.

When the Herzogs bought the Continuum condo last fall, they paid $3,008 a square foot, which was the highest price paid per square foot on the west side of the 42-story south tower. They just sold it for $3,582 per square foot.

New York developer Ian Bruce Eichner developed the Continuum a decade ago in the South of Fifth neighborhood of Miami Beach, and it continues to attract high-profile buyers. In September, tech entrepreneur Hari Ravichandran paid $8 million for a condo at the two-tower development.

Condo sales have risen in recent months in South Florida, as the supply of single-family homes has been absorbed and prices have skyrocketed. This year, condo prices have reached new heights. A unit at the Four Seasons Residences at the Surf Club in Surfside sold in February for $4,930 per square foot, and a unit at Palazzo Della Luna on Fisher Island sold last month for $4,811 per foot.





    Related Articles

    arrow_forward_ios
    The lot where the Champlain Towers South once stood (Getty)
    Settlement in Surfside condo collapse now over $1B
    Settlement in Surfside condo collapse now over $1B
    Sean “P. Diddy” Combs, DJ Khaled, Trippie Redd, Lil Wayne, Rick Ross and Kodak Black (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
    South Florida’s rapper resi market is super dope fire
    South Florida’s rapper resi market is super dope fire
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    From left: Miami Beach mayor Dan Gelber, real estate developer Stephen Ross, and the Deauville Beach Resort in Miami Beach (Getty Images, Google Maps, iStock)
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry
    Cognito's John Backus and 7960 Biscayne Point Circle (LinkedIn, Zillow)
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    369 North Hibiscus Drive (Villazzo Realty, iStock) Buddhist, Mansion
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    Lawyer pays $14M for waterfront Hibiscus Island manse that hosted Tibetan Buddhist masters
    From left: Stephen Macricostas and Andre Branch in front of 4535 Nautilus Court (Getty Images, Redfin)
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Buyer of Andre Branch’s former Miami Beach house flips it for $7M
    Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
    Closing at Rise tops Miami-Dade’s weekly condo sales
    Closing at Rise tops Miami-Dade’s weekly condo sales
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...