Related Group Development’s CEO buys flipped Miami Beach condo
Combined unit sold for $1.6 million more in five months
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.