Unicapital's $72M Acquisition: Ivan Herrera Secures Late Developer Sergio Pino's Miami Apartment Complex

Major Family Office Expands Miami Portfolio With Strategic Multifamily Purchase

In a significant Miami real estate transaction, insurance magnate Ivan Herrera's family office has acquired the 850 Living apartment complex for $71.5 million. The eight-story, 230-unit multifamily development at 811 Northwest 43rd Avenue was previously owned by late developer Sergio Pino, whose estate has been embroiled in legal disputes since his untimely death in July 2023.

This acquisition represents another strategic expansion for Herrera's Unicapital Asset Management Group, which launched in January following the partial sale of Univista Insurance in a massive $700 million deal. The transaction also marks a critical step in resolving the complex disposition of Pino's extensive real estate holdings, which have been contested in Miami-Dade family probate court.

Estate Resolution Progresses Amid Family Dispute

The sale of the 850 Living complex carries significant implications beyond its price tag. According to legal representatives, proceeds from the transaction will first satisfy the $45.4 million mortgage debt to lender Lument—which had initiated foreclosure proceedings in November—with the remainder being directed to Pino's estate.

"Working with the estate's curator to finalize this sale was the appropriate course of action," explained Glen Waldman, legal counsel for Tatiana Pino, the developer's widow. "We're satisfied with the outcome of this transaction."

The property's sale represents another chapter in the ongoing settlement of Pino's estate, which has seen Tatiana Pino and her brother-in-law, Carlos Pino, in contentious legal proceedings. Following Carlos Pino's motion to be appointed as personal representative of his brother's assets, Miami-Dade Circuit Court Judge Yvonne Colodny appointed Philip Schecter, a Coral Gables-based certified public accountant, as curator of the estate in August.

Century Homebuilders Continues Strategic Divestment

This transaction follows another significant move by Century Homebuilders Group, the prominent development firm founded by Sergio Pino and now led by Tatiana Pino. Earlier this month, the company completed a court-approved $25 million sale of three development sites in southwest Miami-Dade County to national homebuilder Lennar.

These coordinated divestments highlight the systematic approach being taken to manage Pino's extensive real estate portfolio. Under the court's supervision, funds from these transactions are being held in trust until the dispute between Tatiana Pino and Carlos Pino reaches resolution.

Nancy Pastor, who served as trustee for 850 Living's ownership entity and brokered the sale, declined to comment on the transaction. Reports indicate that Pastor had been in a relationship with Sergio Pino prior to his death. Similarly, Carlos Pino's attorney Sergio Mendez and representatives for Herrera's Unicapital declined to provide statements regarding the purchase.

Unicapital Strengthens Position in Miami Real Estate

This acquisition strengthens Unicapital's growing presence in Miami's competitive real estate market. In 2021, an entity managed by Ivan Herrera, his wife Ania Herrera, and Univista COO Luis Castro paid $47.5 million for a two-tower office complex at 850 Northwest 42nd Avenue (also known as Le Jeune Road).

Notably, these office towers, along with the recently acquired 850 Living apartment complex and a connecting parking garage, were originally developed by Pino in partnership with Pactia USA. The interconnected nature of these properties had previously sparked legal conflicts, with 850 Living's ownership entity and the Univista entity filing competing civil lawsuits in 2023 over usage rights to the parking garage. Court records indicate both complaints were dismissed last year, potentially paving the way for more integrated property management under Unicapital's ownership.

Strategic Implications for Miami's Multifamily Market

The $71.5 million transaction reflects continued strong investor interest in Miami's multifamily sector despite rising interest rates and economic uncertainties. Located in a strategic area with proximity to major transportation corridors, the 850 Living complex represents a premium asset in one of South Florida's most resilient real estate markets.

The acquisition price of approximately $310,870 per unit underscores the premium value assigned to well-positioned multifamily assets in Miami's urban core, where housing demand continues to outpace supply despite recent construction increases.

Market Insights

What impact will this acquisition have on Miami's apartment rental market?

This transaction reinforces the strong investor confidence in Miami's multifamily sector. While a single acquisition won't dramatically shift market-wide rental rates, Unicapital's management approach could influence pricing strategies in the surrounding area, particularly given their growing portfolio concentration in this specific neighborhood.

How significant is the $700 million partial sale of Univista Insurance in the context of Miami's business landscape?

The transaction represents one of the largest recent private company deals in South Florida. The creation of Herrera's family office with such substantial liquidity signals potential for further high-profile real estate acquisitions and investments across various sectors, potentially reshaping parts of Miami's commercial landscape.

What happens to the remaining assets in Sergio Pino's estate?

The estate continues to undergo a methodical evaluation and disposition process under court supervision. Major assets are being cataloged, appraised, and strategically sold or managed according to the court-appointed curator's guidance. All proceeds are being held in trust until the familial dispute reaches resolution, ensuring proper distribution according to legal determinations.

How does this transaction reflect broader trends in family office real estate investment?

This acquisition exemplifies the growing trend of family offices directly acquiring significant real estate assets rather than investing through funds or REITs. Family offices like Unicapital are increasingly seeking tangible assets with stable income streams and appreciation potential, particularly in dynamic markets like Miami where they can leverage local market knowledge and operational expertise.

What challenges might Unicapital face in integrating these properties?

The previous legal disputes over shared facilities like the parking garage highlight potential operational complexities. However, with Unicapital now controlling multiple connected properties, they have the opportunity to create a more cohesive management strategy and potentially develop a distinctive mixed-use environment that maximizes value across their portfolio.