Health Care Mogul Frederick Howe’s Entity Purchases Two Luxury Units at Seaway for $31.1M

An entity linked to healthcare mogul Frederick Howe has purchased two units in Fort Partners’ newly completed Seaway at the Surf Club, an oceanfront condominium development in Surfside, Florida, for $31.1 million.

Records indicate that Surfclub 701 LLC, a Delaware-registered entity, acquired units 701 and 305 in the building located at 9149 Collins Avenue from Nadim Ashi’s Fort Partners. The buyer’s mailing address is the San Diego headquarters of MedImpact Healthcare Systems, a pharmacy benefit provider founded by Howe in 1989. Howe currently serves as chairman and CEO of MedImpact, the largest independent pharmacy benefits manager in the United States.

Property records reveal that Howe paid $30.4 million for the nearly 8,400-square-foot unit 701 and $770,000 for the 311-square-foot unit 305. Smaller units, often guest suites, are increasingly popular in luxury South Florida condo projects. Developers note that these units frequently sell early due to high buyer demand.

Fort Partners completed the Seaway development earlier this year. The 11-story building features 34 units, designed by Joseph Dirand and landscaped by Peter Wirtz. Seaway is connected to the Four Seasons Hotel and Residences at the Surf Club, a project Ashi completed in 2017. The Surf Club Four Seasons has gained a reputation as one of South Florida’s premier luxury condo buildings. In April, an entity linked to Apple purchased a penthouse at the Surf Club Four Seasons for a record-breaking $44 million.

Seaway residents enjoy access to the Surf Club Four Seasons amenities, which include a private club, a Thomas Keller restaurant, and four swimming pools.

Other high-profile buyers at Seaway include Stronach Group CEO Belinda Stronach, who purchased a unit for $14.6 million, and Centerbridge Partners co-founder Jeff Aronson, who, along with his wife, acquired a 3,900-square-foot unit for $12.3 million. David Foley, senior managing director of Blackstone’s private equity group, bought a 7,000-square-foot unit for $24.5 million.

In addition to Seaway, Ashi is developing another luxury condominium project adjacent to the Surf Club Four Seasons. The 17-unit Surf House, located at 8955 Collins Avenue, is being built on a site Fort Partners acquired for $60 million in April.