The Real Deal Miami

Fort Lauderdale sees largest bulk purchase, of 64 units at Las Olas by the River

July 12, 2010 10:30AM

The McKafka Group purchased 64 units at Las Olas by the River earlier
this month for $10.2 million, a deal that is purported to be the
largest bulk condo deal in Fort Lauderdale, according to Peter Zalewski
at Condo Vultures Realty. Fernando Levy-Hara, managing partner at
McKafka, said the purchase was completed July 2 in a deal with California-based
developer Montecito Property. There are 240 units in the
property, which was built in 2005 along the New River. Of the 64 units,
there are 62 two- and three-bedroom units. The deal represents an average
price of $164,516 per unit, or about $130 per square foot. [Sun