Miami-based CREC has finalized the sale of 136 condominiums in Vista Lago at the Hammocks Condominium building to a private investor for $17.675 million. Trading for $129,000 per unit ($147 per sq ft), the units were built in 1988 near the intersection of Killian Drive and SW 157th Avenue in Miami.
“The bulk sale of condominiums at Vista Lago at the Hammocks speaks to the strength of the multifamily market in South Florida,” said CREC’s Peter Mekras. “While the FHA condominium end loan market hasn’t returned for individuals who desire home ownership in quality communities like Vista Lago, well-capitalized private investors are leveraging their balance sheets to acquire desirable bulk condominiums, benefit from cash flow, and hold that precious inventory.”
