Investors Still Want Bulk Condos
Bulk condo sales aren't what they used to be in South Florida, but there are still deals to be done. Recently CREC oversaw the $17M bulk sale of 141 units at Isles at Mar in Sunrise. “Unlike many bulk condo sales, these units didn't represent a controlling interest in the 367-unit complex," CREC’s Peter Mekras tells us. He adds that the transaction and other recent non-core apartment sales speak to private capital’s strong appetite for cash flow generated from multifamily assets.
The property, near the intersection of North Flamingo Road and Sunrise Boulevard, was built in 1991 as rental apartments and converted to condos in 2005. Peter says that CREC received more than 10 offers from local, out of state, and even international investors during the competitive bidding process; the buyer was a private investor not repped by a broker. "The lack of new affordable single-family housing developments will continue to lend to strong rental apartment market fundamentals," Peter says.
