PEMBROKE PINES, FL-Miami-based Shoma Development Corp. paid slightly more than $66.4 million, or $220,000 a unit, for Pembroke Cove, a 302-unit multifamily property at 13401 NW Fifth St. It now plans to convert the 31-building complex into for-sale condominiums.

Avery Klann, VP, and Richard Donnellan, a principal of Boca Raton-based Apartment Realty Advisors, represented the seller, which was the Tampa office of Milwaukee-based Northwestern Investment Management. Shoma spoke for itself. "It was marketed without an asking price," Klann tells GlobeSt.com. "It's a low-density site with extensive frontage along Pines Boulevard. The location and the fact that the complex contains direct-access garages for all units made it an excellent candidate for condo conversion," he says. "This was a great price, given its age."

The garden-style complex was completed in 1997. It consists of 31 two-story buildings. There are 86 one-bedroom, 130 two-bedroom, and 86 three-bedroom units. They average 1,100 sf, according to Klann. Published rents begin at $945 a month, and the complex is fully leased.

"Our customers expect a quality product in a desirable geographic area and delivered at an affordable price," said Masoud Shojaee, Shoma's president, in a statement. "Pinebroke Cove fits our metrics," he adds. Answers to questions submitted by GlobeSt.com to Shojaee, through a spokesman, were not returned by deadline.