Friday, July 14, 2006

Three Area Properties Trade for Total $30M


MIAMI-Three area apartment complexes, totaling 424 units, have traded for a total $30 million or an average $70,755 per unit. Two of the three properties will be converted to condos. Marcus & Millichap Real Estate Investment Brokerage Co. handled the transactions.

Sunshine Lakes LLC paid Sunshine Lakes Apartments Ltd. $10.45 million cash, or $50,240 per unit, for the 208-unit, 121,422-sf Sunshine Lakes Apartments at 10900-10960 NW 14th Ave.
The seller received “multiple competitive offers from qualified buyers” for the 96%-occupied, 11-acre property, says Kevin Morris, an associate director in the Fort Lauderdale office of Marcus & Millichap. Morris represented the seller. Steve Sussman, a senior associate in the firm’s Miami office, negotiated for the buyer. The property is being converted to condominium homes.
In Fort Myers, the 123-unit Green Tee Apartments at 1830 Maravilla Ave. generated a sale price of $12.5 million or $101,626 per unit. Green Tee LLC, which acquired the property from Green Tee Apartments LLC, is also converting the apartments to condos.

Tal Frydman, a senior investment associate and director in Marcus & Millichap’s Fort Lauderdale office, and Andrew Bethke, a multifamily investment specialist in the same office, represented buyer and seller. “A shortage of housing units in Lee County will support the rapid sellout of all phases of this conversion,” Bethke says. Condo homes are selling for $170 to $225 per sf in the Fort Myers market, the broker says.

The 93-unit Applegate Apartment community in nearby Sarasota commanded a sale price of $7.1 million or $76,344 per unit. Forest Acquisition Fund LLC acquired the asset at 1500 Lockwood Ridge Rd. from Aquarius of Lockwood LLLP. The 3.95-acre property houses five two-story and three-story buildings that have eight efficiencies, 29 one-bedroom units and 56 two-bedroom units.

Senior investment associate Bob Goldfinger, senior associate Jay Crotty and associate Tim Johnson in the Tampa office of Marcus & Millichap negotiated for the seller. “With limited land and increasing construction costs, Applegate will have continued investment desirability,” says Goldfinger. “With the large number of apartments converted to condos in Sarasota County, this property is poised for significant rent growth in the near future.”

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