Avery Klann, VP, and Dick Donnellan, principal of Boca Raton-based Apartment Realty Advisors, represented Rreef in the transaction, negotiating with Scott Auker. Auker and Vivian Dimond merged to create Auker-Dimond. The pair has been involved in residential development throughout Florida, the Northeast and Chicago and handles real estate sales and construction management through their related companies, Avatar Real Estate Services and Dimond Development. The company plans another condo conversion in Delray Beach this summer.
Klann says Pinehurst Club "is in excellent physical condition" and offers a competitive array of amenities, including a pool, deck and spa; clubhouse; indoor racquetball court; fitness center; business center; and children's playground. It is on an infill location that lacks vacant, multifamily land, and the surrounding area is built out, primarily with new development containing for-sale product.
"Broward County has experienced a depletion of existing rental supply in 2004 due to increased condominium conversion activity," Klann adds. "Since January 2002, we have seen approximately 12,000 units converted to condominium in Broward County alone."
Units in Pinehurst range from one-bedroom, one-bath floor plans beginning at rental rates of $879 a month, to three-bedroom, two-bath units at beginning rates of $1,349 a month. Many include screened patios and balconies and upscale appliances and fittings. Auker tells GlobeSt.com the units will sell within a range between about $160,000 and $240,000 a unit. He also says his company is renovating the clubhouse and making other improvements to the property.
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