Aventura-based International Sales Group is handling condo sales and the beginning price for units is in the mid-$100,000s. "There is a recent trend towards suburban rental communities being converted to condo because, in this economic climate, people can afford to buy, but don't necessarily want to have to move east," says Don Alexander, ISG's director of new project development. "Coral Springs is not overbuilt or overpriced," he adds, predicting a sellout within 12 months.

The complex consists of 11 buildings containing 10 different two-story townhouse and one-story villa units, ISG's Leslie Abelson, director of Poinciana sales, tells GlobeSt.com. The mix of one-, two- and three-bedroom units range in size from 835 sf to 1,476 sf, Abelson says, and they contain patios and balconies and offer lake views. The complex contains a clubhouse, pool, fitness center, billiards room, kids' center, and racquetball and volleyball courts.

Altman, which is based in Boca Raton, completed the complex a year and a half ago. Abelson says it is currently 98% leased.

Poinciana Place is ISG's third recent condo-conversion assignment from Elad. Others are the 292-unit Villagio in Miramar, which ISG reports is about 80% sold, and the 300-unit St. Andrews at Nob Hill in Tamarac for which sales are just beginning. The lack of available land for new development prompted ISG to expand its condo conversion division to meet developer demand. In all, the company currently represents more than 3,000 condo conversion units and Alexander says it expects another 1,000 units to be added by the end of this year.

Dick Donnellan and Marc deBaptiste, principals of Boca Raton-based Apartment Realty Advisors, represented Altman in the sale to Elad. "It's a good time to be a seller," says deBaptiste. "Florida continues to see strong investment demand from a diverse group of buyers, including pension funds, REITs, private investors and condominium converters."

Donnellan credits Altman with "high quality product," and says the property is in an area "where there is very limited opportunity for future apartment development."