The Real Deal Miami

Las Olas by the River bulk buyer sells 62 units in less than a year

June 06, 2011 01:38PM

Last July, Mckafka Development Group purchased 62 units at Fort Lauderdale’s Las Olas by the River for $10.2 million in what was, at the time, the largest bulk condominium deal in the city. According to GlobeSt.com, all 62 of those units have now been sold off for a total of $13.3 million. Most of the apartments, which McKafka had rented out to local tenants, went to foreign investors from South America and Europe, the firm said. The two- and three-bedroom units were asking between $175,000 and $264,000 apiece. The seven-story building was originally developed by California’s Montecito Property. [GlobeSt]