241 Jungle Street and RH Actual Estate Organization’s Rob Heyvaert (Motive Associates Holdings, Google Maps)
A tech private equity manager flipped a non-waterfront estate in Palm Seashore for $51 million, marking a record for dry homes that rivals the price for oceanfront compounds.
Records clearly show RH Authentic Estate Group, a Delaware LLC, marketed the residence at 241 Jungle Highway to 241 Aurora Trust, with lawyer Joel Patrick Erb signing as trustee. Erb methods at Sacramento-dependent Pioneer Legislation Team. The deal with shown for the purchaser is for the Los Angeles office of Gelfand, Rennert & Feldman, a organization management agency that signifies celebs and other superior net value individuals. The true customer is mysterious.
Rob Heyvaert signed the deed for RH Serious Estate Organization, and the address listed on the document is for the 54 Bond Street penthouse in New York Town he bought for $13.5 million in 2011, according to Curbed.
Heyvaert is a founder and managing spouse of Motive Associates, a New York-dependent engineering-targeted private fairness organization. In accordance to Crunchbase, Motive Associates has lifted far more than $3 billion for its expenditure cash.
Prior to Motive Associates, he started two other organizations, Cimad Consultants and Capco. He offered Cimad Consultants to Armonk, N.Y.-primarily based IBM in 1998, and in 2011 marketed Capco to FIS, a global fintech conglomerate based in Jacksonville. Heyvaert also sits on the board of FNZ Group and InvestCloud, according to his LinkedIn.
Documents exhibit he purchased the estate for $35.8 million very last calendar year. The practically 1-acre assets involves a 10,200-square-foot, three-bed room mansion and a two-bed room guest home, according to house information and the Palm Beach Daily Information. The houses have a total of five bogs and 4 half-bogs, documents display.
Jim Held and Kenn Karakul, a commissioner on the Palm Seaside Architectural Commission, had bought the residence for $7.9 million in 2014 and concluded design in 2016, records display. It was honored with an award for excellence by the Preservation Foundation of Palm Beach front, the Palm Seaside Day-to-day News described.
Rates for non-waterfront homes in Palm Seaside have surged in the latest a long time, in aspect since of the pandemic-induced migration of rich prospective buyers. New design is chosen by purchasers, brokers say.
Previously this thirty day period, a spec mansion by homebuilder Courchene Progress, also on Jungle Road, offered for $32 million. In November, the CEO of a wealth administration organization sold a non-waterfront assets in Palm Beach for $21.3 million.
As an option to new design or spec households, prospective buyers are also opting to acquire loads and teardowns to build their have residences. Past thirty day period, a Boston serious estate govt sold a non-waterfront good deal for $10.3 million, following acquiring it for $5.3 million previous 12 months.
