Penthouse 2 at 2201 Collins Avenue (Credit: Zillow)
Dallas developer Joe Beard just sold his penthouse at the W South Beach to a plastics executive, property records show.
Westdale W LLC, a company managed by Westdale Real Estate Investment Management’s CEO Beard, sold penthouse 2 to David Berges, former head of Hexcel, a multibillion-dollar plastics company, for $8.7 million.
The 2,647-square-foot, three-bedroom unit at 2201 Collins Avenue features a 2,700-square-foot rooftop terrace, five balconies, an outdoor theater, pool, marble floors, floor-to-ceiling windows and smart home technology, according to a Zillow listing. The hotel condo unit is also listed on Zillow for rent, asking $40,000 a month. Engel & Völkers is the listing brokerage.
The Westdale affiliate paid $7.25 million for the unit in 2009, when the building was completed. It hit the market in 2015 for $12.5 million and was re-listed in August for $9.3 million. This latest sale marks a 30 percent difference in price from the original ask. A unit owned by the late Zaha Hadid at the W was recently reduced in price from $10 million to $6.5 million, marking a 35 percent price cut.
Lisa Van Wagenen of Brown Harris Stevens Miami represented the buyer, according to a spokesperson. Engel & Völkers’ Luis Gonell represented the seller.
In South Florida, Westdale is looking to build Westdale Wynwood, a 202-unit apartment complex with some office and commercial space in Wynwood.