COCONUT CREEK, FLA. — Apartment Realty Advisors (ARA) has brokered the sale of the remaining 272 residential units at Olivine at the Township Condominiums in Coconut Creek. Ninety-five percent of the units involved in the broken-condo sale were occupied by renters at the time of closing. The purchase price of $22.5 million represents a per-unit price of $82,720. When condo sales were under way for the property, the average purchase price was $227,415.
The bulk REO sale was complete in a short sale-style workout with the lenders. Hampton Beebe and Avery Klann of ARA's Boca Raton, Fla., office represented the seller, Prestige Builders Group. The buyer's name was not released, but the party was sourced through ARA's National Buyers list and was new to the South Florida market.
“The transaction was challenging, because there were so many parties involved: seller, buyer, a lead lender and two participating lenders,” Beebe said. “Ultimately, the property sold because it's a high-quality asset in a great location. In terms of rental income, expenses and condition of the property, it is one of the healthiest fractured condo properties in South Florida.”
— Coleman Wood