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n a recent transaction, a Florida entity managed by Moises and Andre El-Mann Arazi, known as Estatemann South Residence LLC, purchased a unit in the south tower of the luxurious Estates at Acqualina condo in Sunny Isles Beach for a whopping $20 million. This transaction is noteworthy because Moises El-Mann Arazi is the chairman of Fibra Uno, Mexico's largest REIT, and Andre El-Mann Arazi is the CEO of Fibra Uno and founder of Grupo E, another prominent real estate firm. Fibra Uno's assets are valued at a staggering $20.4 billion, according to Forbes.

    The Estates at Acqualina is a two-tower development featuring a 52-story, 94-unit north tower and a 49-story, 154-unit south tower. The complex boasts a 45,000-square-foot amenities space with a bowling alley, ice skating rink, and movie theater, as well as lobbies designed by the late Karl Lagerfeld and the restaurant Avra Miami Estiatorio. Construction on this $1.8 billion development began in 2018, and closings started in 2022.

    The El-Mann Arazis have a history of real estate transactions in the area, having previously flipped a condo in the south tower for $13.1 million. However, delays in construction led to disputes between the Trump Group (the developer) and the general contractor Suffolk Construction, which ultimately resulted in the Trump Group firing Suffolk last summer.

    Despite these challenges, the Estates at Acqualina has attracted high-profile buyers, including LeBron James, who purchased a unit for $9 million in 2022. In May, European Wax Center co-founder Joshua Coba and his wife, Jenni Coba, spent $19 million on a north tower condo they had previously attempted 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.