Avery Klann, VP, and Dick Donnellan, principal, of Boca Raton-based Apartment Realty Advisors, represented Rreef in the transaction. The buyer was represented in house. Klann, who is ARA's multifamily specialist, says, "more than 42,000 rental apartment units have been converted to condos in the tri-county area since 2002."

"The closing of the Pointe at Crystal Lake takes our total sales since the beginning of 2004 to over $2 billion in multifamily transactions," adds Donnellan. "The demand we are seeing from condominium converters is unprecedented. This is being driven by a housing affordability issue that is emerging in South Florida. Condominiums have become a favored form of home ownership due to the convenience and amenities that are offered."

The 292-unit garden-style Crystal Lake complex was completed in 1987. Its 21 two-story buildings surround two lakes, giving lake views to residents in 16 of the buildings. Units have nine-foot ceilings, and the gated complex contains a clubhouse, fitness center, two pools and two children's pools, a spa, two lighted tennis courts, racquetball courts and a nature preserve.

The property's infill location limits potential additions to the supply of apartments and condominiums in the area, according to Klann. It is located within minutes of Palm Beach and Broward County's largest concentrations of office space in Boca Raton and Cypress Creek and is also proximate to numerous shopping venues. A call to Gulfstream regarding condo prices was not returned by deadline.