FORT LAUDERDALE, FL—A slew of units at the fractured Heron PondCondominiums just sold for a pretty penny. Heron PondsHoldings acquired 79 of the 304 units in the fractureddevelopment from Heron Pond Investments for $8.025million.

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CBRE's Calum Weaver andRichard Tarquinio collaborated with RobertGiven, Gerard Yetming, andZachary Sackley to represent the seller. The saleprice equals $101,582 per unit or $106 per square foot.

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“The 79 units attracted a significant amount of investorinterest,” says Weaver, first vice president of CBRE InvestmentProperties, Multifamily. “We received over 100 confidentialityagreements and 14 offers. The units were virtually fully occupiedand provide immediate positive cash flow with the potential to sellindividual units at a premium in the future.”

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Built in 1989, Heron Pond offers 19 two-story garden-stylebuildings. The multifamily property's locationwith visibility on Pines Boulevard is part of what attractedinvestors. Easy access to major transportation thoroughfares alsoturned heads. What's more, Heron Ponds is just minutes from SouthFlorida suburban business parks and large employers such as MiramarPark of Commerce, Weston Park of Commerce, Memorial Hospital West,and several regional malls.

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“Our team has completed over 40 fractured/bulk condominiumsales,” says Weaver. “With condominium sales improving throughoutSouth Florida, the ability for an investor to acquire a bulk amountof condominium units are now few and far between.”

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