Two South Florida Condominium Properties Sell for $12.6M
- Jan 19, 2015
Franklin Street completed two bulk sales totaling 178 units recently. The Tampa-headquartered commercial real estate firm’s Regional Managing Partner Deme Mekras and Senior Director Elliot Shainberg represented the buyers as well as the sellers in the sale of Windward Lakes Condominiums in Pompano Beach, and Southwood Condominiums in South Miami-Dade.
Located at 4001 West McNab Road in Pompano Beach, the 104 one-, two- and three-bedrooms units at Windward Lakes Condominiums were sold for $9.6 million. The value of the transaction translates to approximately $92,308 per unit. The 276-unit lakeside property was originally developed as a rental apartment complex in 1992 and was later converted to condominiums. Its amenity package includes a pool, detached garages, clubhouse, BBQ area and a fitness center. The seller was a Massachusetts-based privately owned investment fund that took ownership of the homes in a foreclosure action and rented them out while the market recovered. The buyer is an affiliate of a Hollywood, FL-based investment company, Hon Capital LLC.
The 74 one- and two-bedroom residences at Southwood Condominiums sold for a price of $41,075 per unit, adding up to $3.039 million. Located at 11050 SW 197th Street in Miami, the community includes 144 homes in total. There were eight different sellers involved in the transaction with RAK Investment LLC owning the majority of the units, 53 in number. The buyer, whose identity is undisclosed, now owns more than 50 percent of the property, and this puts it in control of the condominium association, according to Mekras. The new ownership will renovate the interiors and common areas in order to boost the current $700-per-month average rent on new leases and renewals. The buyer also owns around 500 other residential units in the area.
Photo credits: Franklin Street