Fort Partners, led by Nadim Ashi, has sold two penthouses at Seaway at the Surf Club in Surfside for a combined total of $68.7 million. Public records indicate that business entities tied to billionaire Pablo Legorreta and his wife Alumdena Legorreta purchased PH-10A for $54.9 million and PH-10B for $13.8 million at 9149 Collins Avenue.
PH-10A measures 12,700 square feet, resulting in a price of over $4,300 per square foot. PH-10B spans 3,600 square feet and sold for about $3,800 per square foot. The buyers financed their purchase with mortgages from Morgan Stanley Private Bank totaling $40 million.
Pablo Legorreta is the founder of Royalty Pharma, which is recognized as the largest buyer of pharmaceutical royalties globally. Forbes estimates his net worth at $3.6 billion.
This transaction follows another significant sale by Fort Partners—a penthouse in the same tower that closed last month for $86 million, setting a record for condo sales in Miami-Dade County. There have also been notable contracts elsewhere in the area; last year, a penthouse at Shore Club reportedly went into contract for $120 million.
The region has seen increased demand from wealthy buyers moving to South Florida in recent years, fueling growth in the ultra-luxury residential market.
Seaway was completed last year by Fort Partners with design contributions from architect Joseph Dirand and landscape designer Peter Wirtz. The development consists of two oceanfront buildings with 34 units across 11 stories and is located next to Four Seasons Residences at the Surf Club. Residents have access to amenities such as a private club, Thomas Keller restaurant, and four pools.
Other high-profile buyers have acquired units at Seaway since closings began late last year. David Foley of Blackstone’s private equity group bought unit 702 for $24.5 million; financier Bippy Siegal purchased three condos for $18.5 million; and an entity linked to Frederick Howe acquired two condos totaling $31.1 million.
Nadim Ashi is also developing additional condominiums adjacent to the Surf Club after securing a construction loan of $107.6 million last year for Seaway North at the Surf Club.
