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FORT LAUDERDALE, FL-The Felix Granados family has sold the In Apartments, a 230-unit residential rental complex near the Downtown CBD, for $18.5 million. The buyer, Hector Hernandez, an area private investor, obtained $20.4 million to acquire the property and renovate it for condo conversion.

Jay Massirman, vice chairman in the local office of CB Richard Ellis, and Robert Given, first VP, negotiated the sales transaction. Charles J. Foschini, senior director of CBRE Melody's South Florida office, and Christian R. Lee, SVP of the company's institutional group, arranged the financing. The loan represents 90% of the total cost, which aggregates about $22.7 million, including the acquisition and about $4.2 million for renovations.

The complex is less than a mile east of Interstate 95, near not only Downtown, but also the shopping and entertainment districts along Las Olas Boulevard and Riverwalk, Broward Center for the Performing Arts, and the Museum of Discovery and Science.

Massirman says his team, which closed on five multifamily properties for an aggregate $270 million during the first two weeks of September, "has not seen an unsuccessful conversion to date, but the capital sources are tightening the reins." Givens adds that investors are looking to capitalize on potential opportunities before market changes occur.

Foschini tells GlobeSt.com the In Apartments complex was built in the 1970s and is 100% occupied. He says Hernandez heads Great Company Home Loans, "which will enable him to provide FHA loans to condo buyers."

Instant Insights /

Investor To Convert 230 Units for $23M All-in Cost

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