A Texas-based tech investor sold a Fisher Island condo in Miami Beach to a fellow Texan for $18.5 million.
Records show Aleo Property LLC, a Delaware entity managed by Alexander J. Davis, sold unit 6874 in Palazzo Della Luna at 6800 Fisher Island Drive to Sarape, a Texas limited partnership tied to Dallas-based Sun Holdings.
Sun Holdings is a private company that operates 750 franchises across eight states, mostly fast food chain restaurants, according to CNBC. The company is led by CEO Guillermo Perales, and is considered one of the biggest franchisees in the U.S., per published reports.
Davis is the co-founder, chairman and CEO of Disruptive, an Austin, Texas-based venture capital and private equity firm that specializes in the tech sector, LinkedIn shows.
Jill Eber of the Jills Zeder Group at Coldwell Banker had the listing.
Palazzo Della Luna is a 10-story, 50-unit condominium on Fisher Island. Records show Davis bought the unit from the developer, Heinrich von Hanau’s PDS Development LLC, for $10.5 million in 2021. The nearly 4,800-square-foot corner unit was completed in 2019 and spans four bedrooms, four bathrooms, and one half-bathroom, property records show.
The latest sale equates to an $8 million appreciation in two years. The sale price came in $2.5 million shy of the unit’s original $21 million asking price when Davis listed it in October.
Fisher Island, a private island off Miami Beach that is only reachable by ferry, boat and helicopter, is one of the most expensive ZIP codes in the country.
In recent months, Fisher Island units have regularly topped weekly condo sales, including in October when a Palazzo Della Luna condo sold for $11.2 million.
In March, former hockey player Simon Name Yapur sold his four-bedroom Palazzo Della Luna condo for $21.3 million. Last February, Russian hockey star Ilya Kovulchuk dropped $8.5 million on a Palazzo Della Luna unit.
Developers are continuing to build ultra-luxury condos on the island. Related Group is partnering with billionaire Teddy Sagi, BH Group and Wanxiang America RE Group, the Chicago-based real estate division of a Chinese conglomerate, to build the 50-unit Six Fisher Island condominium. The asking price for the development’s penthouse was recently upped to $90 million.