(To read more on the multifamily market, click here.)

MIAMI-Locally based Lennar Homes has paid $57.3 million, or about $220,093 a unit, for Enclave at Doral, a 258-unit residential rental complex at 4300 NW 107th Ave. The seller is Hawthorne, NY-based GDC Properties, which also has an office in Maitland.

The property was completed in 1998 and was 97% occupied at the time of the sale, according to Robert Given, first VP in the local office of CB Richard Ellis. He and Jay Massirman, vice chairman, who heads CBRE's South Florida multihousing group, represented GDC in the negotiations and were sole brokers in the transaction. Rental rates at the time of sale were $1.29 per sf and averaged $1,299 a month, according to Given.

Lennar, primarily a builder of single-family homes and residential communities, plans to convert the complex to for-sale condos, according to Given. Calls to Lennar were not returned by deadline.

This sale is a "continuing reflection of the strength of today's South Florida market," Given says. It is one of six multifamily property sales his team has closed since September at an aggregate value of more than $448.7 million and a total of more than 2,000 units. Condo converters typically pay a premium over conventional apartment investors, he says, acknowledging that they're "looking to capitalize on [the properties] before market changes occur."

Instant Insights /

Lennar's $57M Buy of Enclave at Doral To Take Condo Route

Related Stories

Recommended For You