MIAMI-MCZ/Centrum will exercise its option to acquire the additional two towers of Flamingo South Beach Apartments, a three-building 1,688-unit rental complex with plans to convert units to condos.

In February, the JV paid Denver-based Aimco $163.5 million for the South Tower. At the same time, it put a $5-million option on the other two towers, which have an aggregate of 1,127 units. It will exercise that option, Michael Lerner, a principal of the Chicago-based JV tells GlobeSt.com, and plans to begin conversion of the North Tower this fall and the Central Tower at the beginning of 2007. The price tag for the 614-unit North Tower is $169 million, while the 513-unit newer Central Tower's price tag is $267.5 million. MCZ/Centrum is undertaking a $30-million renovation of the 16.5-acre complex at 1500 Bay Rd.

The JV is also nearing completion of its condo sales offer to existing tenants in the 562-unit South Tower and will open sales to others "within a couple of weeks," Lerner says.

"Response among tenants in the South Tower has been very good," Lerner explains. "Interest is already at a fever pitch and reservations are in huge demand." Units range from 451 sf to more than 2,300 sf, and the pricing, he says, "is between about $250,000 and $650,000." Locally based Fortune International is handling the sales and marketing.