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Mexican REIT bosses flip Estates at Acqualina condo to fintech chief for $13M
Moises and Andre El-Mann Arazi paid $11M for 5,100 sf unit in October
UPDATED, April 12, 12:30 p.m.
The top brass of Mexico’s largest real estate investment trust flipped their Estates at Acqualina condo in Sunny Isles Beach to a fintech CEO for $13.1 million.
Records show 1104 To Club Corporation, a Florida entity registered to Moises and Andre El-Mann Arazi, sold unit 4207 in the project’s south tower at 17901 Collins Avenue to Randheep A. Fernando.
Adriana Vargas-Hernandez of Acqualina Realty had the listing, and Chad Carroll and Spencer Zorn of Compass brought the buyer, Multiple Listing Service documents show.
Fernando, who goes by Randy, is the founder and CEO of Miami-based fintech firm Power Finance. He was previously head of products at Azlo and Acorns, LinkedIn shows. Oakland-based credit card issuing platform Marqeta bought Power for $275 million in cash in January, TechCrunch reported.
Moises El-Mann Arazi is chairman of Fibra Uno, Mexico’s first and largest REIT, according to Bloomberg. He is also chairman of ISC Fresh Water Investment, a real estate services company based in Spain. Andre El-Mann Arazi is managing director of Fibra Uno, and co-founder of Grupo E, a Mexican real estate group, LinkedIn shows.
Records show the pair bought the newly completed unit in October for $11 million. The 5,100-square-foot condo has four bedrooms, six bathrooms and one half-bathroom, according to records.
The El-Mann Arazis’ flip works out to $2.1 million in price growth in five months.
Estates at Acqualina is a two-tower project developed by brothers Jules and Eddie Trump of the Trump Group (no relation to the former president). After years of delays and lawsuits between the Trump Group and the project’s builder, Suffolk Construction, closings started in the 49-story, 154-unit south tower in June, and in the 52-story, 94-unit north tower in February.
The development includes a 45,000-square-foot amenities villa with an ice rink, a movie theater and a bowling alley. Avra, a New York City-based Greek restaurant group, opened Avra Estiatorio Miami in Estates at Acqualina late last year. The development’s two lobbies were designed by the late Karl Lagerfeld.
The towers have drawn a number of high-profile buyers, including LeBron James, who dropped $9 million on a condo in the south tower in October.
Last month, members of the Napa winemaking Ellman family bought a unit for $9 million in the north tower. Top litigator Andrew Kassof closed on a condo in the north tower for $8 million in February. The owner of the high-end gunmaker Kimber bought a unit in the south tower for $21.3 million in December.
Correction: A previous version of this story misstated the listing agent.