Terranova Capital Markets of Miami Beach negotiated the deal for the seller. The buyer plans to convert the apartments to for-sale condo units, says Brett Chwick, Terranova Capital Markets director. Chwick represented the seller; the buyer represented itself.
"Terranova has taken advantage of a thriving condominium conversion market, an intimate knowledge of condominium conversions and the firm's geographic flexibility," says Chwick. The apartments were 95% occupied at closing. Average rent is $795 per month.
Chwick says the Harbor Club Downs transaction is the first of several multifamily deals Terranova has pending to close in April. "Our knowledge and relationships allow us to effectively market assets in any market with any exit strategy, whether it be condominium conversion, value-add, stabilized rental or new construction," Chwick says.
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