Miami-based CREC has finalized the bulk sale of the Isles at Lago Mar in Sunrise for $17.13 million. The 141 unit purchase at 673 Vista Isles Drive represented an average price of $121,450 or nearly $140 per square foot. The development was completed in 1991 as a rental scheme, but was converted to condominium units in 2005. The buyer of the multi-family complex was a private investor.
“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,” says 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.”
