An affordable housing developer has shelled out roughly $24 million for the Faena-renovated waterfront estate at 4731 Pine Tree Drive in Miami Beach, a Mediterranean-style spread on nearly an acre of Indian Creek frontage with a guest house, private dock and pool. It is an unusual collision of affordable housing money and blue-chip waterfront luxury in one of Miami Beach’s priciest corridors.
According to the South Florida Business Journal, the deal closed this week for about $24 million, with records identifying the buyer as an affordable housing developer. The outlet also reported that the sale followed a renovation tied to hotelier and developer Alan Faena.
Property details
Redfin lists the mansion as a 1927 build with roughly 10,057 square feet of living space, nine bedrooms and seven full bathrooms. The site spans about 0.98 acres with 100 feet of bay frontage, plus a guest house and deeded dock. A separate Coldwell Banker MLS entry previously showed the home as “Sale Pending,” with an asking price just under $25 million before the transaction was reported.
Faena connection
Developer Alan Faena has been closely linked to the property for years, overseeing its Mediterranean revival–style renovation and putting it on the market back in 2019. The Real Deal reported that listing and noted that property records show Faena’s Villas Como LLC paid roughly $10.3 million for the estate in 2014, which helps explain the carefully curated historic details throughout the home.
Why the sale matters
This buyer profile is what turns heads. Affordable housing developers generally chase larger multifamily sites or infill parcels, not single-family trophy estates on Indian Creek, so parking that kind of capital here stands out in Miami Beach’s already eccentric market.
All of it plays out against a serious affordability crunch. Community Newspapers reports that Miami-Dade County is short tens of thousands of affordable homes, while Housing Trust Group projects highlight the kind of multifamily work affordable housing builders are typically doing to close that gap…