CREC Completes $17 Million Bulk Condo Sale

CREC has finalized the $17.125 million bulk sale of 141 condominiums at The Isles at Lago Mar Condominium, located near the intersection of North Flamingo Road and Sunrise Boulevard in Sunrise.
CREC Senior Vice President Peter Mekras exclusively represented the seller in the transaction.  The Isles at Lago Mar Condominium was built in 1991 as rental apartments and converted to condominiums in 2005.
The sale price equates to $121,453 per unit or $137 per foot.
CREC ran a broad marketing process and received more than 10 offers from local, international and out of State investors during a competitive and structured bidding process.  The buyer was a private investor and was not represented by a broker.
 

“Unlike many bulk condo sales, the 141 units did not represent a controlling interest (38%) in the 367 unit condominium complex.  This transaction and other recent non-core apartment sales speak to private capital’s strong appetite for cash flow generated from multifamily assets.” explains CREC’s Peter Mekras. “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.”

Peter Mekras has closed three South Florida multifamily transactions representing 692 units and $70 million in the last ninety days.  Mekras’ closed transaction experience includes over $1.6 billion and 18,000 units in Florida.   Mekras was assisted on the sale by CREC Associate Chris Bate.

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