Affordable Housing Builder Snags Faena's $24 Million Miami Beach Mansion

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. …

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