The Real Deal Miami

Developer sells Hollywood condos below 2006 price

Condo conversion stalled in 2008 after sales of just 52 of 197 units

July 12, 2015 11:26AM

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Luna Development Group sold after a condo conversion stalled in 2008.

Miami-based Luna Development Group sold 145 residential units in Hollywood for $13.18 million after converting them to condos and failing to sell  them.

Luna Development Group sold the 145 units for $90,862 each, about $9,000 less than the company paid in 2006

The buyer, Luna Capital Partners, obtained a $10.55 million loan  from Silverpeak Real Estate Finance in connection with the purchase.

The 145 condos are  in four buildings with a total of 197 units in at 3600 and 3800 Van Buren Street and 3501 and 3701 Jackson Street near downtown Hollywood. The buildings date back to 1968.

Luna Development Group bought the buildings in 2006 for $19.55 million, converted them from rental apartments to condos, then sold only 52 of the units, none since 2008. [South Florida Business Journal] — Mike Seemuth