The Real Deal Miami

Bulk buyer takes 272 Coconut Creek condos

August 10, 2010 09:45AM

A Massachusetts investment firm has paid $22.5 million for 272 condo
units at Olivine at the Township in Coconut Creek. The units, most of
which are rented, were sold in a workout deal with lenders, according to
Hampton Beebe, a senior vice president of ARA in Boca Raton. Newton,
Mass.-based Forest Properties Management paid $82,720 per unit at
Olivine, in a deal arranged by ARA, a privately-held investment-advisory
brokerage firm. There are a total of 372 units at the building, which
is near Sample Road. The previous 100 units had sold for an average
price of $227,415. [Sun