The heads of Mexico’s largest real estate investment trust dropped $20 million on an Estates at Acqualina condo in Sunny Isles Beach.
Records show Estatemann South Residence LLC, a Florida entity managed by Moises and Andre El-Mann Arazi, bought unit SF-04 in the south tower at 17901 Collins Avenue from the developer, Jules and Eddie Trump’s Trump Group. They have no relation to Donald Trump.
Moises El-Mann Arazi is chairman of Fibra Uno, Mexico’s largest REIT, according to Bloomberg. He is also chairman of the Spanish real estate services firm ISC Fresh Water Investment. Andre El-Mann Arazi is CEO of Fibra Uno and founder of Grupo E, another real estate firm, according to a press release.
Fibra Uno’s assets are valued at $20.4 billion, according to Forbes.
Property records do not show details of the floorplan in the family’s Sunny Isles Beach condo. Estates at Acqualina is a two-tower development with a 52-story, 94-unit north tower and a 49-story, 154-unit south tower. The complex has a 45,000-square-foot amenities space with a bowling alley, ice skating rink and movie theater, lobbies designed by the late Karl Lagerfeld and the restaurant Avra Miami Estiatorio. Construction on the $1.8 billion development started in 2018, and closings began in 2022.
The El-Mann Arazis previously flipped a condo in the south tower for $13.1 million.
Delays at the towers led to back-and-forth litigation between the Trump Group and general contractor Suffolk Construction. The dispute culminated with the Trump Group firing Suffolk last summer.
Closings have revealed high profile buyers in the complex. LeBron James bought a unit for $9 million in 2022. In May, European Wax Center co-founder Joshua Coba and his wife, Jenni Coba, dropped $19 million on a north tower condo they had previously sought to flip for $85 million. Last month, personal injury attorneys Gregory Ward and Jany Martinez Ward paid $16.6 million for a north tower condo.