Updated Dec 4, 2024
Related Group Acquires Miami Beach Single Family For $9.4M
5141 Pine Tree Drive
$9,375,000
$1,500/SF
Building Size
6,250 SF
Asset Type
Single Family
Closing
Feb 23, 2024
About this deal
AI
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:
- Property Type: Single Family
- Transaction Amount: $9,375,000
- Buyer: Steve Patterson - Related Group
- Seller: Christian Egidio Lamont
- Buyer's Representative: Brian Suarez & Jeri Jenkins - Coldwell Banker
- Seller's Representative: Darin Tansey & Lynna Weil - Douglas Elliman
- Market: Miami Beach
- Asset Type: Single Family
- Square Footage: 6,250
- Price per Square Foot: $1,500
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.
On the Map
$9,375,000
$1,500/SF
Single Family
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Players
Miami Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.69%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93