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Related Group Acquires Miami Beach Single Family For $9.4M

Property Image
SOLD
$9,375,000
Jeri Jenkins
Lynna Weil
+ 1

Florida

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Single Family6,250 SF
Sold 02/23/2024
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Property Image
SOLD

Related Group Acquires Miami Beach Single Family For $9.4M

5141 Pine Tree Drive

See Similar Deals
Single Family6,250 SF
Sold 02/23/2024
Jeri Jenkins
Lynna Weil
+ 1
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Summary

FLORIDA
Asset Type:Single Family
Price Per Square Foot:$1,500
Total Square Footage:6,250 SF
Transaction Type:Sale

The Single Family property located at 5141 Pine Tree Drive in Miami Beach, with a size of 6,250 square feet and a sale price of $9,375,000, was sold in a transaction between Steve Patterson of Related Group, the buyer, and Christian Egidio Lamont, the seller.

Summary of transaction details:

Notably, Steve Patterson, the CEO of Related Development, purchased the property from Christian Egidio Lamont, who inherited it from his late mother, Abilia Glass, a former nightclub performer married to Marvin Glass, the renowned creator of toys such as Mr. Potato Head and Etch-a-Sketch.

Players

Darin Tansey
8 deals$68.2M volume
BROKER

Jeri Jenkins
Coldwell Banker
6 deals$73.2M volume
BROKER

Lynna Weil
Douglas Elliman
1 deal$9.4M volume(305) 987-1530
BROKER

Brian Suarez
Coldwell Banker
2 deals$25.8M volume(786) 303-9300
BROKER

Details

SOLD
IMAGE: Brian Suarez, Jeri Jenkins, Steve Patterson, Lynna Weil & Darin Tansey DATE: 02/23/2024 ADDRESS: 5141 Pine Tree Drive MARKET: Miami Beach ASSET TYPE: Single Family ~ ACRES: 0.49 BUYER: Steve Patterson - Related Group (@Related_Group) SELLER: Christian Egidio Lamont BUYER'S REP: Brian Suarez & Jeri Jenkins (@Jeri.Jenkins) - Coldwell Banker (@ColdwellBanker) SELLER'S REP: Darin Tansey (@DarinTansey) & Lynna Weil (@LynnaWeil) - Douglas Elliman (@DouglasElliman) SALE PRICE: $9,375,000 SF: 6,250 ~ PPSF: $1,500 NOTE: Steve Patterson, CEO of Related Development, a division of the Miami-based Related Group, bought a Miami Beach waterfront property at 5141 Pine Tree Drive for $9.4 million from Christian Egidio Lamont, who inherited it from his late mother, Abilia Glass, a former nightclub performer married to Marvin Glass, the creator of toys like Mr. Potato Head and Etch-a-Sketch.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

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Cap Rate

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