The transaction represents a healthy profit for the seller, SFERS Real Estate Corp. BB, an affiliate of Rreef. According to GlobeSt.com research, it acquired the property in December 2001 for $17.1 million or $71,250 a unit. Jay H. Massirman, EVP; Robert Given, VP; and Charles Crapse, senior associate in the local office of CB Richard Ellis, negotiated the current sale.

The complex was built in 1991 and is comprised of 136 one-bedroom and 104 two-bedroom units. Floor plans average 804 sf, plus screened patios or balconies, and more than a quarter, 26% of the units, offer waterfront views. It is a gated facility with pool, spa, clubhouse, private beach, fitness center, business center and 10-mile jogging/biking trail.

"Given the potential price point of a conversion sellout relative to surrounding single-family home prices, Coral Club is likely to provide a unique niche in the market," says Crapse. "This, combined with Coral Club's proximity to area retail, education and transportation nodes, will drive strong interest from buyers." He declines to provide an estimate of condo sale pricing.

"The strong demand for housing in Miami continues to greatly impact the region's condo-conversion activity," says Massirman. "Rapidly increasing sale prices for single-family homes are fueling a majority of the condo conversions."

Given says CBRE's South Florida multifamily group started the year with several closings, and about 70% of the more than $2.7-billion in multifamily transactions it participated in during 2004 were for condo conversions. "The forecasted higher interest rates are not something that's going to have a chilling effect on the conversion business in the next few months," he adds.