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G5C Capital Corporation Buys $44M Surfside Condo From PDE 1186 LLC

Property Image
SOLD
$44,000,000
Michael (Mick) Duchon
Eloy Carmenate
Ximena Penuela

Florida

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Condo7,300 SF
Sold 04/02/2024
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Property Image
SOLD

G5C Capital Corporation Buys $44M Surfside Condo From PDE 1186 LLC

9111 Collins Avenue

See Similar Deals
Condo7,300 SF
Sold 04/02/2024
Michael (Mick) Duchon
Eloy Carmenate
Ximena Penuela
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$6,027
Total Square Footage:7,300 SF
Transaction Type:Sale

An oceanfront penthouse at Four Seasons Residences at the Surf Club in Surfside sold for a record $44 million. The 7,300-square-foot penthouse features five bedrooms, five bathrooms, and a half-bathroom, along with luxury amenities. The property is located at 9111 Collins Avenue PH4 in Surfside.

Summary of transaction details:

A Florida entity linked to Apple was the seller of the penthouse, while a Canadian firm, G5C Capital Corporation, acquired the property. High-profile condo sales in South Florida continue despite a market slowdown, with this transaction marking a significant record sale in the area.

Players

Eloy Carmenate
The Corcoran Group
Eloy Carmenate
32 deals$584.2M volume(305) 582-7179
BROKER
Michael (Mick) Duchon
The Corcoran Group
Michael Duchon
36 deals$670.3M volume(732) 754-7535
BROKER
Ximena Penuela
Ximena Penuela
13 deals$279.1M volume(786) 252-2005
BROKER

Details

SOLD
IMAGE: Ximena Penuela, Michael Duchon & Eloy Carmenate DATE: 04/02/2024 ADDRESS: 9111 Collins Avenue PH4 MARKET: Surfside ASSET TYPE: Condo BUYER: G5C Capital Corporation SELLER: PDE 1186 LLC BUYER'S REP: Ximena Penuela (@XimenaPenuela) - Fort Realty SELLER'S REP: Eloy Carmenate (@Eloy_Carmenate) & Michael Duchon (@Mick_Duchon) - The Corcoran Group (@TheCorcoranGroup) SALE PRICE: $44,000,000 SF: 7,300 ~ PPSF: $6,027 NOTE: An oceanfront penthouse at Four Seasons Residences at the Surf Club in Surfside sold for a record $44 million, with a Florida entity linked to Apple as the seller and a Canadian firm as the buyer. The 7,300-square-foot penthouse boasts five bedrooms, five bathrooms, and a half-bathroom, along with luxury amenities, amidst a trend of high-profile condo sales in South Florida despite market slowdown.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$156,322.70
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