The developers paid Fairways at Grand Harbor LTD $24 million, or $93,385 per unit, for the 790-sf to 2,235-sf oceanfront units they are selling for $99,990 to $299,90. The 20-acre Fairways at Grand Harbor comprises 11 three-story buildings and a two-story clubhouse at 5005 Fairway Circle. Wachovia Bank president Albert Fils Sr. says the timing of the acquisition will give the developers "a phenomenal opportunity to bring a well-priced product that is currently not available in the Vero Beach market."
The acquisition follows SunVest/Hamilton's purchase two weeks ago of Parkway Village, a former three-story, 11-building apartment community one mile from Walt Disney World, as GlobeSt.com previously reported. The developers paid Gray Property Co. $16 million, or about $55,556 per unit, for the 285-unit, 15-acre property they are developing as Blossom Park Villas.
Hamilton Investment Group is a Coral Gables, FL-based condo developer with over 6,000 units built in Puerto Rico and 2,000 units in Florida. SunVest Resort communities, headquartered in Hollywood, FL, has been converting and developing multifamily and resort communities throughout Florida since 1989.
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