LARGO, FL-Florida-based condominium converter Whispering Palms Condominiums LLC has acquired the 108-unit Whispering Palms apartment complex at 13200 Wilcox Road for $11.1 million with the intention of converting them into condominiums. The deal factors out to $102,960 per unit.

The property was acquired from Florida-based private investor Amistef Largo LLC. The selling price included the defeasance cost of an existing mortgage. Orlando-based Smith Equities Corp. senior investment advisor Darrell Johnson represented the seller in the transaction.

Constructed in 1985, the property was designed as a condominium building but has been operating as an apartment complex since completion. All units in the building have two bedrooms and two bathrooms and are approximately 1,000 sf. The split design units feature fireplaces and all top floors have vaulted ceilings. Property amenities include a clubhouse, leasing office and pool. Average base rents for the units in 2006 were $840 per month.

Johnson tells GlobeSt.com that, because the complex was originally designed as condominiums, the work needed to convert it is minimal. "They plan to paint the exterior and do some landscaping work," he says. "The units are in pretty good shape."

The complex is located approximately one mile from the ocean and is close to numerous amenities in the area, such as shopping and restaurants. "Largo is a very tight market because of its proximity to Pinellas Park," Johnson says. "Whispering Palms is conveniently located to anything an owner might need, such as shopping and transportation."