In an unusual alliance, Larry Stockton, VP of Coral Gables-based Abood Wood-Fay Real Estate Group, and Julio Diaz, broker for South Miami-based Shelton & Associates, teamed up in negotiating the sale. Since the two began working together in early 2003, they have closed 28 multifamily deals aggregating more than 6,800 residential units. Stockton says the duo has non-refundable deposits on another approximately $100 million additional multifamily sales deals under contract.

"Because the multifamily market is so crazy here, very few brokers are cooperating with one another," Stockton tells GlobeSt.com. "But, together, we have relationships in many communities here and find we can open all doors." Most, but not all, of their mutually brokered deals represent condo conversions, according to Stockton. One of the assets continues to operate as a rental property because "the financials for conversion are not in place."

The Arbor Lake asset is currently more than 90% rented according to Stockton. Saul Zagat of GREC says the units range from a 1,125-sf one-bedroom to a 1,500-sf two-bedroom and also include townhouse configurations of similar size. He tells GlobeSt.com the selling prices have not yet been determined.

Meanwhile, Fifteen Group also sold Woodlawn Park, a 176-unit residential asset in St. Petersburg, for just under $6.9 million, or about $39,963 a unit, to an unidentified buyer. The group acquired that property in 1996.