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
    Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
    Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
    Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    José Isaac Peres with 57 Ocean penthouse (Multiplan Real Estate Asset Management, 57 Ocean, iStock)
    Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
    Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
    A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
    South Florida by the numbers: Local mega listings and sales
    South Florida by the numbers: Local mega listings and sales
    Damac Properties' Hussain Sajwani and the Surfside condo collapse site (Damac Properties, Getty Images, iStock)
    Year since deadly collapse marked by condo reforms, new development in Surfside
    Year since deadly collapse marked by condo reforms, new development in Surfside
    Spot On Ventures' Robin Brown with The Hampton Inn by Hilton (LinkedIn, Hampton Inn)
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
    Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
    Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
    Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
    arrow_forward_ios

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

    Loading...