"The sale of Fisherman's Landing to Fairfield Residential marks one of the few instances over the past 12 months where a property has traded to an income buyer," says Todd Weinstein, associate in the Miami office of CB Richard Ellis. Weinstein, Jay H. Massirman, EVP, and Robert Given, VP in that office, negotiated the sale for Amurcon.

"The high visibility location of the asset off of Sample Road, combined with the quality of the product and submarket, will enable Fairfield to leverage its rehab experience to compete successfully with more recent vintage product in the Coconut Creek/Coral Springs market," Weinstein adds. Meanwhile, in mid-February, Fairfield sold Laurel Gardens at Coral Square in Coral Springs, less than eight miles from here, for just over $44 million to a buyer who plans a condo conversion.

"Fairfield Residential has been highly successful in South Florida in [its] ability to acquire a property, enhance the appearance and performance through key upgrades, and reposition the asset in its respective market to make it very competitive with newer product in the immediate area," says Given. "The purchase of Fisherman's Landing follows this same business plan."

The property, located on 25.4 acres, was built in 1985. It contains 52 studio, 80 one-bedroom and 136 two-bedroom units featuring screened patios or balconies and cathedral ceilings on the upper floors. The complex includes a pool, Jacuzzi and clubhouse with an exercise room.