The Real Deal Miami

New Eden condo owners to complete luxury rental conversion within the year

March 04, 2010 03:03PM

The investment fund that recently acquired the incomplete Eden Condominiums in downtown Boca Raton is planning to finish the project by the end of the year and convert the units into 248 luxury rental apartments, to be known as the Heritage at Boca Raton. The complex, begun in 2002 by West Palm Beach developer Ceebraid-Signal, will have an 18,000-square-foot clubhouse and pool under its new owners. Terms of the deal still have yet to be disclosed, but the buyers received “a very attractive price,” according to David Rabin, managing director of acquisitions at Urdang Capital Management, which manages the fund that purchased the condos along with Priderock Capital Partners. “Our market intelligence indicates that this will be far more successful as upscale rental units,” Rabin said. “We expect to generate strong return for our clients.” TRD