The garden-style property was completed in 1990 and is in "excellent physical condition," says Dick Donnellan, principal of Boca Raton-based Apartment Realty Advisors, who, with ARA VP Avery Klann, represented TIAA in the sale. Units have private entrances, through-unit layouts and an attractive array of features including competitive amenities, such as two pools, two spas, racquetball and sauna facilities and a fitness center. One-bedroom, 1.5-bath units are 935 sf and the rental rate is about $983 a month. Two-bedroom, two-bath townhouse units are 1,355 sf and the rental rate is $1,393 a month.

The facility fronts Doral Golf Club's Silver golf course and is minutes from the Doral Golf Resort and Spa and, equally important, from Shoma's 44-acre Ryder System campus, which is being redeveloped into a high-end, mixed use center. "TIAA's desire to capitalize on the strong market and close the Greens at Doral . . . required us to focus on highly capable and motivated buyers," says Klann. "Shoma was a strong candidate for this deal due to their continued investment in the Doral area."

Furthermore, Donnellan adds, "90% of our sales in the second half of [2004] were sold to condominium converters. The market remains incredibly strong for multifamily sales in South Florida [and] the market for condominium conversion has exploded around the state, which should continue through 2005."