Yearly Archives : 2015

Real Estate Notebook: Sunrise condos sell for $17.1 million

A bulk buyer has paid $17.1 million for 141 of the 367 condominiums at Isles at Lago Mar in Sunrise.

The property near Flamingo Road and Sunrise Boulevard started as rentals in 1991. It was converted to condos in 2005, the peak of the housing boom.

Lago Mar LLC, a private investor, bought the units from Vision-Corus Holdings and Lago Mar Holdings, property records show.

CREC’s Peter Mekras handled the transaction for the seller. The deal translates to $121,453 per unit.

The complex drew more than 10 offers, proof of strong demand for multifamily assets that offer steady cash flow for buyers, Mekras said.

Archives:
Fortune Capital buys 141 units in fractured Sunrise condo community

An affiliate of Fortune Capital Management Services acquired 141 units in the Isles at Lago Mar fractured condominium community in Surnise for $17.13 million.

The 367-unit garden-style complex was converted from apartments to condos in 2006, but the recession scuttled its sales and Corus Bank, which later failed, moved to foreclose on it. Its loan was later sold to investors.

Vision-Corus Holdings and Lago Mar Holdings, both managed by Jeffrey Goldenberg, sold the 141 units to FCP Lago Mar LLC, headed by Miguel Poyastro, the CEO of Coral Gables-based multifamily and condo conversion firm Fortune Capital Management Services. Florida Community Bank (NYSE: FCB) provided a $15 million loan to the buyer.

The price equates to $121,489 per unit.

CREC Senior Vice President Peter Mekras represented the seller in the deal.

“The lack of new affordable single-family housing developments will continue to lend to strong rental apartment market fundamentals in Broward County and throughout South Florida,” Mekras said.

Isles at Lago Mar is on the 1300 block of Vista Isles Drive, on the west side of Flamingo Road just north of Interstate 595.

Archives:
CREC Closes Unusual Bulk Condo Deal

CREC just closed on the bulk sale of 141 condos in the Fort Lauderdale suburb of Sunrise. The sale price: $17.25 million, which equates to $121,453 per unit of $137 per foot.

The Isles at Lago Mar Condominium was built in 1991 as rental apartments. The multifamily units, which are located near the intersection of North Flamingo Road and Sunrise Boulevard, were converted to condominiums in 2005.

The CREC senior vice president, Peter Mekras, represented the seller, assisted by CREC associate, Chris Bate. The asset drew 10 offers from local, international, and out of state investors. The ultimate buyer was a private investor and was not represented by a broker.

“Unlike many bulk condo sales, the 141 unit did not represent a controlling interest – 38%- in the 367 unit condominium complex,” says Mekras. “This transaction and other recent non-core apartment sales speak to private capital’s strong appetite for cash flow generated from multifamily assets. The lack of new affordable single-family housing developments will continue to lend to strong rental apartment market fundamentals in Broward County and throughout South Florida.”

Mekras has closed three South Florida multifamily transactions representing 692 units and $70 million in the last 90 days. Mekras’ closed transaction experience includes over $1.6 billion and 18,000 units in Florida.

Bulk condo deals are still getting done. Less than a month ago, Avison Young started marketing Lincoln West Gardens, a five-story 40-unit residential tower at 1250 Lincoln Road in Miami Beach.

“There is limited available opportunities to invest in properties on high-street corridors as iconic as Lincoln Road, especially since market rents continue to be at the apex for both retail and residential asset classes,” Crotty tells GlobeSt.com “Offers are currently being accepted, and we expect savvy investors will want to take advantage of the tremendous upside to be gained from mixed-use redevelopment within this location.”

Archives:
CEOs: Taking time off during the holidays is a good idea

This week’s question: How much time do you take off at the holidays? Will we find you working on Thanksgiving, Christmas, New Year’s and other winter holidays? Why or why not?

I always try to take time off during the holidays to decompress and spend time with my family. That’s the plan for this year – barring any end-of-year client emergencies.

Carol Brooks, president and co-founder, CREC (Continental Real Estate Companies)

Back

Archives:
CREC SVP Peter Mekras completes $17.125M bulk sale in Sunrise

Miami, Florida based CREC has finalized the $17.125 million bulk sale of 141 condominiums, near the intersection of North Flamingo Road and Sunrise Boulevard in Sunrise. CREC Senior Vice President Peter Mekras exclusively represented the seller…

Click icon to view or download PDF

Archives:
CEOs ponder advice to give to their younger selves

I would tell my younger self to strive for a well-balanced life. While I love the fast-paced world of real estate, one of the biggest things I learned in my career was the importance of taking time…

Click icon to view or download PDF

Archives:
Bulk Condos in Sunrise sell for $17M

Nearly 40 percent of a condominium complex in Sunrise sold for $17.13 million, CREC announced on Monday. The 141 units sold for an average of $121,450 or nearly $140 per square foot.

Click icon to view or download PDF

Archives:
CEOs: Hands-on remains desirable

Hands-on ownership provides the foundation for CREC’s ability to respond quickly and effectively to the fast-paced needs of clients, including property owners, tenants, investors and lenders. As principals, Warren Wiser and I are deeply engaged with the day-to-day operations of our company…

Click icon to view or download PDF

Archives:
Beyond Specialty Grocers: What’s Hot In Retail?

We’ve talked a lot about Central Florida’s retail void – and it’s bigger than some may think. We’ve also talked about what Central Florida retail submarkets are hottest – and some of them may surprise you…

Click icon to view or download PDF


Archives:
With no new construction,
Doral office space demand rises

Though it is far from the central business district – or maybe because it is – office space in Doral continues to be a hot commodity. “The Doral office market is very active, for several reasons,”…

Click icon to read more or download PDF


Archives: