MIAMI—One hundred-forty four of the 320 condo units within the Villas de Venezia Condominiums have changed hands. The fractured condo deal was settled for $13.4 million. That equates to $93,000 per unit and $97 per square foot.

Cushman & Wakefield's South Florida Multifamily Advisory Group represented the seller, a private investor group led by Jose Boschetti and his team of South Florida investors and developers. The buyer was a Florida-based private investment company.

“The property generated extraordinary interest from many domestic and several foreign investors based on the superb Sunrise location, above-market occupancy, and a terrific management team,” says Rosendo Caveiro, senior director of Cushman & Wakefield's Florida Multifamily Advisory Group. “In addition, there was an excited level of interest, particularly among local apartment investors, to the very limited supply of condominium units available to be purchased in bulk in South Florida.”

Villas de Venezia Condominiums is located at 9979 Nob Hill Place in Sunrise, FL Florida. According to CushWake, additional drivers for the sale included significant rent growth trends, excellent value-add potential, scarcity of rental product for sale, and the desirability of the site itself with all residential units having a lake view.

“The primary challenge we faced in marketing this deal was the 'stigma' that was once associated with the bulk purchase of units in a fractured condominium project, and the availability of financing such a transaction,” Caveiro says. “Ultimately, C&W was able to procure a sophisticated, financially sound buyer with extensive experience in acquiring condominium units in bulk.  The deal resulted in the optimal combination of price, terms and a closing timeframe which aligned with seller's and buyer's expectations.”