Flaminglet LLC Acquires Miami Beach Single Family Home For $14.8M
2901 Flamingo Dr, Miami Beach, FL 33140
$14,800,000
$2,312/SF
Building Size
6,400 SF
Asset Type
Single Family Residence
Closing
May 2, 2023
AI
Flaminglet LLC has purchased a single family home located at 2901 Flamingo Drive in Miami Beach. The property, previously owned by Steve Patterson, president and CEO of Related Development, and his wife Carly Patterson, was sold for a total of $14.8 million. The waterfront home was originally purchased by the Pattersons in 2016 for $6.2 million. It spans 6,400 square feet and features six bedrooms, a guest house, a pool, a dock, and 300 feet of waterfront.
Summary of transaction details
- Property Type: Single Family
- Transaction Amount: $14,800,000
- Square Footage: 6,400
- Price per Square Foot: $2,313
- Address: 2901 Flamingo Drive, Miami Beach
- Market: Miami Beach
Jeri Jenkins of Coldwell Banker Realty represented Flaminglet LLC in the transaction. The buyer is a Delaware entity, and the specific details of the buyer's representation remain unknown. The sale of the property marks a significant transaction in Miami Beach's real estate market.
Players
Miami Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.07%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93