The buyer has shelled out $2.8 million for the land, which encompasses a total of 34,735 sf. It plans to develop an 80-unit complex on the property, which is located at 3812-3830 Park Blvd.
Citymark Development LLC acquired the four parcels from Janopaul Block SD LLC. Victor Krebs of Colliers International brokered the transaction.
The Citymark deal comes as demand continues to heat up in the condo submarket. Investors are clamoring to either build new condo product or convert existing apartment complexes into condominiums, as the submarket is experiencing significant price appreciation. The countywide median cost per sf of a condominium has increased to the point that it currently equals the median cost per sf of a single-family home, according to a report recently published by First American Real Estate Solutions.
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