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.”
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