The Real Deal Miami

Bulk condos in Sunrise sell for $17M

38 percent of the condo units, developed in 1991, sold

December 07, 2015 01:30PM

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Peter Mekras and the Mar a Lago

Peter Mekras and the Isles at Lago Mar in Sunrise

Nearly 40 percent of a condominium complex in Sunrise sold for $17.13 million, CREC announced on Monday. The 141 units sold for an average of $121,450 or nearly $140 per square foot.

A private investor purchased the units, near the intersection of North Flamingo Road and Sunrise Boulevard. The sale has not yet cleared Broward County records.

CREC Senior Vice President Peter Mekras and associate Chris Bate represented the seller in the bulk sale of the Isles at Lago Mar condos. The Sunrise development, at 673 Vista Isles Drive, was completed in 1991 as rental apartments and converted to condos in 2005, according to a press release.

“Unlike many bulk condo sales, the 141 units did not represent a controlling interest (38%) in the 367 unit condominium complex,” Mekras said in a statement. “This transaction and other recent non-core apartment sales speak to private capital’s strong appetite for cash flow generated from multifamily assets.” 

Nearby, KGH Development is leading Metropica, a 65-acre mixed-use community in southwest Broward. The project will include eight residential towers, 400,000 square feet of retail, 650,000 square feet of office space, and landscaped parks. – Katherine Kallergis