The Real Deal Miami

Bulk of Wellington condo goes for $4M to New York developer

January 04, 2010 12:51PM

The 120-unit Pine Cones condominium complex in Wellington will get a full scale refurbishing after New York developer TopWell’s purchase of 75 percent of the building in a short sale cash deal. Units had been priced in the low- to mid- $200,000 range, and just 30 were sold after the apartment complex turned condo in 2007. TopWell paid just $4 million for the 90 units, or about $44,444 apiece, and will upgrade and renovate the asset, which is located near the interaction of Wellington Trace and West Forest Hill Boulevard. Robert Goldstein, president and CEO of Hospitality Consultants, which is the exclusive listing agency for the building, said the sale is a sign that the market is picking up. “The price points are getting to the level where [investors] are able to sustain rents and it can be a profitable venture,” he said. [Palm Beach Post]