16 Dec Entity tied to private equity firm buys Coconut Grove spec home for $5M
An entity tied to a real estate private equity firm purchased a spec home in Coconut Grove for $5.4 million.
Dearborn Capital Management LLC, tied to Dearborn Capital Group, bought the house at 3608 Stewart Avenue in Miami from Ruegroup LLC, a Florida company. Brown Harris Stevens agent Anabella Hidalgo signed for Ruegroup LLC as an authorized member.
Dearborn Capital Group is a real estate private equity and asset management firm based in New York City, according to its website.
Property records show Ruegroup bought the property as an empty lot in 2017 for $1.6 million and began building a three-story home in 2018. The home was completed this year and went on the market in May with an asking price of $5.6 million.
Hidalgo represented Ruegroup, while David Siddons of Douglas Elliman represented Dearborn Capital.
The 7,369-square-foot house was built by ICH Builders and designed by Jose Sanchez of Praxis. The home has seven bedrooms and seven-and-a-half bathrooms. Other features include a 250-plus glass wine room, elevator, five carports and a pool, according to the listing.
Coconut Grove (https://therealdeal.com/miami/tag/coconut-grove/) has been an attractive destination for buyers in recent months. The director of a cryptocurrency trading company sold his Coconut Grove mansion for $6.7 million (https://therealdeal.com/miami/2020/07/31/crypto-investor-sells-waterfront- coconut-grove-mansion-at-a-loss/) .