The Real Deal Miami

Franklin Street closes two bulk condo sales for $12.6M

Sale includes 104 units at Windward Lakes Condominiums in Pompano Beach
January 12, 2015 01:45PM

Windward Lakes Condominiums in Pompano Beach

Franklin Street, a commercial real estate firm with several offices in Florida, including one in Miami, said Monday that it has completed two separate bulk condominium transactions in South Florida involving a total of 178 units for $12.6 million.

Franklin Street’s Deme Mekras and Elliot Shainberg represented the buyers and sellers in each deal. 

Mekras and Shainberg sold 104 units at Windward Lakes Condominiums, located at 4001 West McNab Road in Pompano Beach, for $9.6 million, or $92,308 per unit. Windward Lakes has a total of 276 condo units.

The seller was a privately-owned investment fund from Massachusetts that took title to the properties in a foreclosure action.  The buyer is an affiliated entity of Hon Capital, an investment company based in Hollywood.  The seller leased out the units while waiting for the real estate market to recover from its losses in the late 2000s, Franklin Street said. The purchased units range from one to three bedrooms.Windward Lakes was developed as rental apartments in 1992 and later converted to condominiums.

“Most lenders who took title to foreclosed properties four to six years ago took action to get them off their books some time ago,” Shainberg added in the statement. “Very few were able to hang on and ride out the downturn like our seller.”

Franklin Street team also sold 74 of the 144 residences at Southwood Condominiums at 11050 Southwest 197 Street, in South Miami-Dade to a private real estate investor for just more than $3 million or $41,075 per unit. There were eight sellers including one entity, RAK Investment, which owned 53 of the units.

The buyer now owns more than 50 percent of the complex, allowing it control of the condominium association said Mekras.  It plans on renovating the interiors and common areas so that it can secure higher rents on new leases and renewals. Right now, the average rent is $700 per month. The purchased units include efficiencies, one-and-two-bedrooms. — Ina Cordle