Fort Partners Acquires Luxurious Unit at Seaway Condo Project in Surfside

Introduction to Seaway Condo Project

In a significant transaction nearly a year after initial closings began, Fort Partners has acquired a stunning unit at the Seaway condo project located in Surfside, Florida. The developer invested $24.5 million in this luxurious property, further solidifying the project’s status in the competitive South Florida market.

Details of the Acquisition

• Buyer: HBV Seaway Owner, a Delaware entity managed by Fort Partners.
• Unit Size: 4,400 square feet (Unit 103).
• Property Address: 9149 Collins Avenue, Surfside.
• Financing: The purchase was secured with a $16.4 million loan from City National Bank of Florida.

While Fort Partners is the official owner, it remains unclear if additional purchasers are involved. Fort Partners did not respond to requests for further information regarding the transaction.

About the Seaway Condos

The Seaway condo project, completed last year, consists of 34 luxurious units spread across 11 stories. Notably, closing commenced in October.

Design and Amenities

• Architect: Joseph Dirand.
• Landscape Designer: Peter Wirtz.
• Amenities Include:
  • Access to four pools and a spa at the adjacent Four Seasons Hotel and Residences at the Surf Club.
  • A Thomas Keller restaurant.
  • Exclusive amenities such as a dedicated pool, restaurant, and event space.

For a closer look at the project, visit the Seaway project website.

Market Performance and Notable Sales

The Seaway project has demonstrated strong sales performance, having recorded approximately $320.7 million in total sales so far. Some notable recent transactions include:

• Frederick Howe, a health care mogul, involved in deals totaling $31.1 million.
• Belinda Stronach, CEO of Stronach Group, purchased a unit for $14.6 million.

Luxury Market Success

The Surf Club and its adjacent properties have become synonymous with luxury. A record-breaking sale in this area includes an entity linked to Apple selling a penthouse for $44 million. Earlier this month, private equity leader David Cohen sold his unit for $17.8 million, which represents the highest price per square foot in Surfside this year at $5,265.

Future Developments by Fort Partners

Fort Partners continues to expand its footprint in Surfside. Recent projects include:

• Surf House: An 11-story, 17-unit condo at 8995 Collins Avenue, backed by a $110.7 million construction loan.
• Seaway North: An 11-story, nine-unit endeavor at 9165 Collins Avenue, funded by a $107.6 million loan.

Conclusion

Fort Partners’ successful acquisition of the Seaway condo unit exemplifies the demand for luxury living in South Florida. With ongoing projects and a thriving market, Surfside remains a coveted location for high-end real estate.

For more insights on luxury real estate trends, visit Luxury Real Estate News.