Compound, a real estate investment app founded by CEO Janine Yorio, is in contract to buy a one-bedroom unit at the Faena House condo in Miami Beach for $2.6 million.
The purchaser is technically many of Compound’s shareholder members, all of whom will own a percent of the apartment, which they are buying as an investment.
The 1,185-square-foot, eighth floor pad last sold for $3.4 million in 2015.
Fellow owners at the Faena include titans of finance, like Lloyd Blankfein and Ken Griffin.
Compound is a venture capital-backed asset management firm that creates publicly-listed city-specific residential real estate funds called ReTFs--designed for the next generation of investors. Its first fund invests in Manhattan residential real estate, an asset class that has historically been out of reach for the average investor but has outperformed almost every relevant benchmark.
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