PEMBROKE PINES, FL-Windsor Realty Fund, an affiliate of Boston-based General Investment & Development, has sold Windsor at Pembroke Cay, a 764-unit multifamily rental asset, to Pittsburgh-based Deaktor Development for just over $142.8 million, or $186,963 a unit. Deaktor plans to convert the asset to for-sale condominiums.

The property, located on 44 acres at 11099 SW Fifth St. at the corner of Pines Boulevard, was constructed in three phases between 2000 and 2003, according to Jay Massirman, vice chairman in the Miami office of CB Richard Ellis' South Florida multi-housing group. Massirman, Robert Given, SVP, and Todd Weinstein, senior associate in the Miami office, along with Malcolm McComb, EVP of CBRE's Atlanta office, represented both the buyer and the seller in the transaction.

Apartment units average 1,031 sf, and the property includes four clubhouses with pools and a 5,000-sf fitness center. Weinstein says the property's large floor plans, in-fill location and quality, "combined with the high sales prices of surrounding single-family homes, should all contribute to a successful conversion. We have not seen an unsuccessful conversion to date, but the capital sources are tightening the reins," he adds.

"This is a great location on the primary east-west artery connecting I-95 and Hiatus Road," Massirman says. He tells GlobeSt.com, "Pembroke Pines is one of Broward County's fastest growing areas." Calls to Deaktor were not returned by deadline, and Massirman didn't know the planned pricing for units.