Avery Klann, VP, and Marc deBaptiste, principal at Boca Raton-based Apartment Realty Advisors, represented Cornerstone in the sale and produced more than 40 offers for the property, Klann tells GlobeSt.com. "At more than $300 per sf, I believe this is the highest per-sf price paid yet for a condo conversion here.
"Demand for waterfront condominiums in Downtown is unprecedented, and the Strand's location, views and amenities make it an ideal condominium conversion," Klann says. "The apartment market in West Palm Beach has been transformed over the past 12 months. There are virtually no rental properties left."
The Strand was completed in 2002 and is nearly 100% occupied. It has a courtyard pool, fountain and deck, an Internet café, billiards, game room, conference facility and 24-hour health club. Its location is within walking distance of Downtown shopping and dining.
"We will do some work on it," Sol Margolias tells GlobeSt.com, saying the capital improvements will take Margolias' investment to $100 million. "Our attorneys are working on the pricing and timing of sales," he says and projects, "the prices will probably be about $450,000 to $500,000 a unit, and sales should begin in about June or July."
Margolias, which specializes in condo conversions, recently completed one near Miami. Asked if he planned more in South Florida, Margolias says, "if we can buy at the right price."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.