Vista Lago at the Hammocks Condominium Trades
- Jan 11, 2016
Miami, Fla.—Miami-based CREC has recently arranged the sale of 136 units at Vista Lago at the Hammocks Condominium. Located near the intersection of Killian Drive and SW 157th Ave. in Miami, the development includes 248 condo units, built in 1988.
Senior Vice President Peter Mekras of CREC represented the seller in the transaction, the identity of whom remained undisclosed. CREC received offers from local, out-of-state and international investors during the bidding process. The buyer was a private investor and was not represented by a broker. The transaction was worth $17.675 million, which equates to $129,000 per unit or $147 per foot.
“While the FHA condominium end loan market hasn’t returned for potential individuals who desire home ownership in quality communities like Vista Lago, well-capitalized private investors are leveraging their balance sheets to acquire desirable bulk condominiums, benefit from cash flow, and hold that precious inventory,” Mekras explained in a prepared statement..
Photo credit: CREC