FORT MYERS, FL-Puig Inc. has acquired a two-property, 440-unit multifamily portfolio from Chicago-based Alliance Holdings for approximately $38 million. The properties are Island Breeze, a 200-unit, garden-style complex at 6308 Panther Lane SW, and Regency Park, a 240-unit rental community at 2346 Winkler Ave.

Hialeah-based Puig is a prolific buyer of Florida multifamily assets for condo conversion. Among its approximately half-dozen acquisitions in the state over the past six months is Riverbend, a 240-unit property at 2825 Winkler Ave. here.

Island Breeze was built in 1975 and renovated in 2001, according to Marc de Baptiste, a principal of Boca Raton-based Apartment Realty Advisors. He and Sean Williams, SVP in ARA's Tampa office, represented Alliance Holdings' general partners and were sole brokers in the two-property sales transaction. Williams says, "this portfolio sale is a great example of the B-class conversion niche that exists in the Florida market."

According to de Baptiste, Island Breeze sold for in excess of $100,000 a unit, which would put the price at roughly $20 million. "The complex is 96% occupied," he tells GlobeSt.com, "and units average 1,148 sf." Published rental rates at Island Breeze start at $860 a month.

Regency Park was built in 1976 and renovated in 2001. De Baptiste says it sold for $75,000 per unit, which puts the price tag at $18 million. "Units average 775 sf, and the asset is 97% occupied," he says. Rents start at $615 a month.

"During the past year, there were approximately 3,700 residential units purchased for condominium conversion in Southwest Florida," de Baptiste says. "Fort Myers experienced nearly a 50% increase in housing prices in 2005."