An entity linked to health care mogul Frederick Howe bought two units in Fort Partners’ newly completed oceanfront condo project, Seaway at the Surf Club, for $31.1 million.
Records show Surfclub 701 LLC, a Delaware entity, bought units 701 and 305 in the building at 9149 Collins Avenue from Nadim Ashi’s Fort Partners. The deed lists the buyer’s mailing address as the San Diego, California headquarters of Howe’s pharmacy benefit provider, MedImpact Healthcare Systems.
Howe founded MedImpact in 1989 and serves as its chairman and CEO. It is the largest independent pharmacy benefits manager in the country, according to its website. The Federal Trade Commission has taken aim at such firms in recent years, alleging they inflate drug prices for consumers, the New York Times reported.
Records show Howe paid $30.4 million for the nearly 8,400-square-foot unit 701 at Seaway, and $770,000 for the 311-square-foot unit 305. Smaller unit offerings, often called guest suites, are growing in popularity in South Florida’s luxury condo projects. Developers say they are popular with buyers, and often get snapped up early in the sales process.
Fort Partners completed the 11-story, 34-unit Seaway condos earlier this year, and closings began in October. Joseph Dirand designed the project, and Peter Wirtz designed the landscaping. It is connected to Four Seasons Hotel and Residences at the Surf Club, which Ashi completed in 2017. Surf Club Four Seasons has risen to prominence as one of the most desirable luxury condo buildings in South Florida. An entity linked to Apple bought a penthouse at Surf Club Four Seasons for a record $44 million in April. Seaway residents have access to the amenities at Surf Club Four Seasons, which include a private club, Thomas Keller restaurant and four swimming pools.
Buyers at Seaway include Stonach Group CEO Belinda Stronach, who bought a condo for $14.6 million. Centerbridge Partners co-founder Jeff Aronson bought a 3,900-square-foot condo with his wife for $12.3 million, according to property records. David Foley, senior managing director for Blackstone’s private equity group, bought a 7,000-square-foot unit for $24.5 million, records show.
Ashi is building another luxury condo building adjacent to Surf Club Four Seasons, the 17-unit Surf House at 8955 Collins Avenue. His Fort Partners bought the site for $60 million in April.