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.
- Bridging the Gender Divide in Commercial Real Estate
- Encore Capital Management Taps CREC As Exclusive Retail Leasing Rep For $350 Million Project
- CREC to Lease Nearly 500,000 SF In Prominent South Florida Retail Centers
- Doral’s Office Market Seeing ‘Unprecedented Rental Rate Growth’
- Why Malls Should Add Residential To Their Repurposing Plans