A Mexican human resources mogul sold his Coconut Grove penthouse for a record $19.3 million.
Records show PAE Grove Holdings LLC, managed by Fausto Muñíz Patiño, sold unit LPHS at Grove at Grand Bay, at 2675 South Bayshore Drive in Miami. The buying entity was PB Sunshine PH88, a Delaware entity.
Angel Nicolas of Compass represented both sides of the deal.
Nicolas declined to comment on the specific identities of those involved in the sale, but he said the buyers are an investment group from out-of-state. They are considering a move to Miami in a few years, and wanted to secure a condo in advance, he said. In the meantime, the group will rent out the unit, which Nicolas recently listed for $100,000 a month.
Muñíz Patiño heads Grupo Empresarial Pae, a human resources management company in Mexico. Records show he holds a number of Florida LLCs, including PAE Real Estate Holdings, which bought a house at 8750 Ponce De Leon Road for $8.6 million in 2021.
Muñíz Patiño bought the Grove at Grand Bay penthouse for $13 million in 2016, the same year the development was completed, records show. The 9,500-square-foot unit includes six bedrooms, seven bathrooms and one half-bathroom, according to the listing. The unit includes a wine cellar, a private plunge pool and a private four-car garage, the listing shows. Miami-based Interiors by Steven G designed the unit, including creating custom furniture.
David Martin’s Terra developed Grove at Grand Bay, a complex with two 20-story buildings and 98 total units designed by Bjarke Ingels. Amenities include a library, pet spa, art gallery, club room and children’s play area, as well as a pool and gym facilities.
Muñíz Patiño listed the penthouse for $24 million in 2021, according to Compass. The sale marks a price record for condos in Coconut Grove.
In July, Dan and Beth Ann Hughes sold their Coconut Grove penthouse in another building Terra developed, Two Park Grove, for $17.5 million.
Nicolas said that while sales have slowed since the pandemic era “unicorn years,” the Miami luxury market is strong. He anticipates a busy fall and winter season, he said.
“Everyone that was waiting on the sidelines, they’re taking action now,” he said. “From October to December, I see Miami blowing up.”