A hedge fund executive bought a yet-to-be-built Southwest Ranches estate for $8 million, underscoring luxury buyers’ bets on South Florida’s future.
Prasad Hedge, COO of Miami-based 777 Partners, and his wife Ruby, bought the two-acre lot at 4770 Akai Drive for $1 million, and paid the developer another $7 million for the construction of their future home, according to property records and a news release. Founded in 2015, 777 Partners invests in insurance, consumer and commercial finance, litigation finance, direct lending, media and entertainment, and aviation according to its website.
It’s the latest of several luxury home sales at Akai Estates, none of which have been completed. But that hasn’t stopped the developers from selling the unbuilt homes.
Developers Alex Yokana, Michael Sochaczevski, Jairo Vela, and Amos Sochaczevski are partnering on the project. They bought the land for the 44-acre community in 2014 and planned to build homes ranging from 7,000 square feet to 15,000 square feet.
According to a spokesperson for Akai Estates, Hedge’s purchase brings the number of lots sold to two out of 16. Prospective buyers have put down deposits on two more lots and are discussing custom changes to Akai’s model homes with the architect, Vasco Vieira, founder of Portugal-based Vasco Vieira Arquitectos, and local architect Jiro Yates.
This project marks Vieira’s first residential project in the U.S., according to the release.
The developers will break ground on Hedge’s home in late April, and estimate it will be completed in 12 to 14 months. The house will have six bedrooms, eight full bathrooms and one-half bathroom and a 2,343-square-foot infinity pool, the spokesperson said. The home’s exact square footage has yet to be determined.
His purchase is on the lowest end of prices for the planned community. Estates start at $8 million and can run up to $14 million, according to the spokesperson. Bento Queiroz with Compass handles sales for Akai.
The developers secured entitlements two years ago for Akai Estates, following a lengthy process complicated by wetland preservation, and broke ground on the development’s infrastructure about a year ago, the spokesperson said.
Southwest Ranches, along with the rest of South Florida, has seen an influx of wealthy buyers seeking the South Florida lifestyle and tax breaks. In October, Cincinnati Reds third baseman Asdrúbal Cabrera sold his home at 1700 Stratford Court in Southwest Ranches for a record $7.4 million.
In 2020, former Miami Dolphins wide receiver Brandon Marshall sold his Southwest Ranches mansion for $4.3 million. And in 2019, Bang Energy CEO Jack Owoc bought a Southwest Ranches home for $7.7 million.