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ORLANDO-After paying $150 million, or $138,760 per unit, in the biggest apartment sale of the year in May, New York-based RAK Acquisition Group is investing another $15 million to convert the 413-unit Charles Towne apartments to condos. The property is at the 1,081-unit Park Central multifamily compound in south Orlando. GlobeSt.com reported the sale in an exclusive May article.

RAK officials have retained Orlando-based Signature GMAC Real Estate to market and sell the condos at pre-construction prices of $150,000 for one-bedroom units to $270,000 for three-bedroom, two-bath homes, says Signature project manager Jim Murrin. "Those prices are expected to rise after the initial private offerings," he says.

The conversion period at the gated 59-acre, one-million-sf John Young Parkway and Americana Boulevard property is expected to take six to 12 months. Murrin calls the conversion "the most expensive to date" in Florida. The RAK Group has converted apartments to condos in Miami, New York, Chicago and Atlanta.

Charles Towne condos will offer a private day spa, restaurant and sports bar, multilevel fitness facility, full-sized indoor basketball court, movie screening room, two lighted tennis courts and five private swimming pools.

"There are a lot of condo projects, both new and conversions, going in metro Orlando, but few that offer the total package of Charles Towne at Park Central," Murrin says. "The RAK Group paid top dollar for this property, but this is a top drawer development worth every penny."

Charles Towne is one of three communities at Park Central. RAK hasn't decided if the 440-unit Belmont, built in 1994, and the 228-unit Manor Row, completed in 2000, will go the same condo route as the seven-year-old Charles Towne component, Murrin says.

Instant Insights /

GlobeSt.com UPDATE: RAK Plans 'Most Expensive' Condo Conversion in Florida

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